- The crypto market faces significant losses, including Bitcoin.
- The bearish trend is amid U.S. CPI data anticipation, stirring fear of a sell-off.
- Pro-Bitcoin hedge fund manager discusses economic alarm bells in the U.S. bond market.
The crypto market has taken a significant hit recently, with major cryptocurrencies alongside Bitcoin incurring near-double-digit losses. This bearish trend comes following the release of U.S. Consumer Price Index (CPI) data today, October 12.
Notably, the September CPI, as the U.S. Bureau of Labor Statistics (BLS) released it, stands at 3.7%, against the widely forecasted 3.6%. For context, CPI measures inflation, which tracks the prices of a basket of goods and services consumers purchase in the United States.
Where CPI comes in higher than expected, it could lead to a sell-off in risk assets, including cryptocurrencies, just as the market took significant hits ahead of the CPI publication. On the other hand, a lower-than-expected CPI reading could boost sentiment and lead to a rally in risk-asset markets.
In July, Bitcoin experienced an unanticipated increase in selling pressure following the release of the minutes from t…
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