Key Takeaways
Ethereum has dropped by 8.7% after U.S. inflation fell by less than analysts' expectations.
The downturn puts Ethereum at risk of its upcoming merge to Proof-of-Stake becoming a "sell the news" event.
Several industry figures have outlined the potential for increased ETH selling, even in the event that the Merge is successful.
Ethereum tumbled immediately after today’s higher-than-expected Consumer Price Index print.
Ethereum Hit by CPI Print
Ethereum is in the home straight of its “Merge” to Proof-of-Stake, but traders are dumping ETH on the news of high inflation in the U.S.
The latest Consumer Price Index report dropped Tuesday, showing U.S. inflation eased to 8.3% in August. The price of goods rose by 0.1% on a month-on-month basis. Though the data showed that inflation had eased from July’s 8.5% print, it surpassed expectations of a 40 basis point decline.
Stock futures and cryptocurrencies tumbled immediately after the data dropped, with ETH sliding 8.7%. The...
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