On October 15, the price of Bitcoin fell below $81,000 amid significant sell-offs in Asian stock markets. On the Binance platform, the local minimum was $80,632. Over the past 24 hours, Bitcoin has decreased by 2.6%, while Ethereum has fallen by 5.2%. XRP and Solana quotes dropped by 3.7% and 3.6% respectively, and Zcash lost 11.7% of its value.
The capitalization of the entire cryptocurrency market shrank by almost 4% to approximately $2.8 trillion. The sell-off in the crypto market occurred against the backdrop of the release of US inflation data for September. The Consumer Price Index rose by 3.7% year-on-year, which is higher than the 3.4% figure for August and analysts' expectations of 3.6%. Core inflation, excluding food and energy, reached 2.6%, while the forecast was 2.5%. After the opening of the US stock market, all major indices showed negative dynamics. During the day, the S&P 500 index lost more than 1%, and the NASDAQ 100 – over 2%. Asian markets plummeted even more: the South Korean Kospi index lost 8.5% at the time of writing, and the Japanese Nikkei 225 decreased by 4.8%.
The increase in US inflation rates has raised concerns that the Federal Reserve may maintain a high key rate range for a longer period or even raise it again, as noted by The Block. Dominic John, an analyst at Zeus Research, links the decline in cryptocurrencies and Asian stocks to a general retreat of investors from risky assets. According to him, the weakness of American tech companies also impacted several markets, including cryptocurrency. Recall that at the beginning of October, analysts recorded signs of Bitcoin reaching a local minimum.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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