The crypto market showed a drop on Tuesday after the information appeared that the consumer price index in the United States showed an unexpectedly high price increase at the point of 8.3% instead of the expected 8.1%. The core inflation rate rose by 6.3% against the forecast of 6.1%.
The price of Bitcoin instantly reacted to the news with a 5% drop in the exchange rate of the coin. Recall also that on the eve of the fall, the value of BTC showed an increase of 9%. The trading volume was steady, and the trading volume was about seven times higher than the average for the last 20 days statistics. The market value of the main cryptocurrency fell below $20,500 during Tuesday.
The price of Ethereum moved synchronously with BTC, showing a drop of more than 7%. The trading volume of ETH also exceeded the average. The decline in the value of the second largest cryptocurrency occurred on the eve of the merger and the transition to the proof-of-stake mechanism, which is scheduled for September 15. Altcoins fell in the scene in the average range of 7-10%.
Following the news, the raw materials market reacted with a change in the cent. Gold became cheaper by 1.5%, copper lost 2.2% of its value, oil prices fell by 0.2%.