13 Jul Massive Bitcoin Volatility as US Inflation Clocks in at 9.1% for June
The US inflation numbers are in for June, and they continue going up. With this, BTC’s price is also experiencing enhanced volatility as the numbers clock in.
Data from the US Bureau of Labor Statistics revealed that the Consumer Price Index for All Urban Consumers increased by 1.3% – seasonally adjusted, and 9.1%% over the last 12 months – not seasonally adjusted.
The index for all items less food and energy increased 0.7% in June (SA); up 5.9% over the year (NSA).
To those unaware, the Consumer Price Index (CPI) is the most common gauge for inflation in the US, as it measures the average change over time in the prices that urban consumers pay for a market basket of services and consumer goods.
Somewhat expectedly, this also caused turmoil in the cryptocurrency market. The price of BTC increased to $20,126.39 for a brief moment and then tumbled down to $19,200 – at the time of this writing.
The amplitude of this candle is at 4%, indicating some serious volatility.
At the time of this writing, the total liquidations for the day are at around $180 million, $47 million of which happened during the past hour, according to data from Coinglass.
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