Inflation rises by 8.3% in August, according to new report
The Bureau of Labor Statistics released its report on the August CPI, and inflation increased by 8.3% - a MoM increase of 0.1%.
As the August Consumer Price Index numbers came in, they caused the cryptocurrency markets to experience a high degree of volatility. This is something that investors and traders have come to expect, and it often leads to opportunities to buy or sell at advantageous prices.
As we can see from the chart, Ethereum is currently in a downward trend. However, this doesn't mean that the cryptocurrency is in trouble. In fact, Ethereum has been one of the most stable cryptocurrencies in recent months.
- The US Bureau of Labor Statistics has just updated the numbers for the Consumer Price Index for August and they are slightly above expectations. This is good news for consumers, as it means that prices are not rising as rapidly as they were earlier in the year.
- The August inflation rate of 8.3% is higher than what experts expected, representing a 0.1% increase from the previous month. This inflationary pressure may continue to build in the coming months, posing a challenge for consumers and businesses alike.
- The value of Bitcoin seems to be fluctuating quite a bit lately. At the time of this writing, it is down by about $1,000 in the past few minutes. However, it is still trading at a high value of $21,850. It will be interesting to see how the value of Bitcoin changes in the future.
- Meanwhile, Ethereum is also trading below $1,700. While this may seem like a big drop, it is important to remember that Ethereum is still one of the most popular cryptocurrencies on the market.
- The volatility in the crypto market has resulted in about $50 million worth of liquidated positions in the past hour alone. This market instability is causing many investors to lose money and confidence in the crypto market.
There is no doubt that US inflation has been a major topic of concern for many Americans in recent months. The latest data from the US Bureau of Labor Statistics shows that the Consumer Price Index (CPI) rose by 8.3% in April 2021. This is the highest rate of inflation since September 2008.