Last week, the total cryptocurrency market lost around $30 billion in the past seven days, where most of the action was yesterday. This was somewhat expected, given that the US Bureau of Labor Statistics released the CPI numbers at that time. Let’s dive into it.
Bitcoin has spent most of the week slowly bleeding. The cryptocurrency was showing absolutely no signs of strength, which resulted in a painful cut and drop below $19,000 a few times. All that changed on Thursday.
The US Bureau of Labor Statistics released September’s Consumer Price Index figures yesterday. This is the most common indicator investors use to gauge inflation and it hit 8.2%. This sent the market into a state of massive volatility. Within seconds of the numbers being released, Bitcoin’s price plunged towards $18,000, only to rally moments later.
Within an hour, the cryptocurrency was testing $20,000, leaving tens of millions of positions liquidated. As of this writing, BTC is trading at around $19,500, seeing gains of 5% over the past 24 hours but falling just under 3% over the week.
Elsewhere, the other big news this week was that the tech mogul and one of the world’s biggest companies – Google – announced that they would start accepting cryptocurrency payments for some of their services. Specifically – for cloud services. To make this possible, Google tapped into the leading US-based crypto exchange, Coinbase.
Binance has carried out its scheduled BNB burning, burning $575 million and removing it from circulation forever. In another interesting twist of events, Justin Sun – the founder of Tron Network – revealed that he was one of the biggest holders of Huobi Tokens. He said he had tens of millions.
All in all, it was an exciting week, but the turbulence was mostly event-related. It is interesting to see if this volatility will continue over the next few days or if the market will once again return to a state of sideways action.
Market cap: $945 billion | 24h volume: 70 billion dollars | BTC dominance: 39.6%
BTC: $19,528 (1.66%) | ETH: $1,332 (0.7%) | BNB: $287 (4%)
Massive bitcoin volatility as US inflation hits 8.2%. The US Bureau of Labor Statistics has released CPI figures for September. According to them, inflation hit 8.2% for the month, leading to massive volatility for Bitcoin and the broader cryptocurrency market.
Bitcoin mining difficulty soars 13% after the biggest increase since May 2021. Bitcoin mining difficulty has increased by 13% this month. This came after the protocol went through another difficulty adjustment, which turned out to introduce the biggest increase since May 2021.
Justin Sun says he is one of the biggest holders of Huobi Token (HT). Justin Sun, the founder of Tron Network, said he started buying Huobi tokens in 2013. He revealed that he was one of the biggest holders of HT and owned “dozens of million”.
$575 million of BNB burned by Binance. Binance, the world’s largest cryptocurrency exchange by trading volume and daily users, continues to burn BNB. The platform destroyed $575 million worth of Binance Coin during its last burn.
Google accepts crypto for cloud services: partners with Coinbase. Tech mogul Google will start accepting cryptocurrency for payments for some services as early as next year. The move will be made possible through a partnership with leading US-based crypto exchange – Coinbase.
Uptober Turns to Hacktober as Crypto Exploits Soar. October is breaking records, but in a bad way. It appears that hackers have managed to compromise up to $718 million worth of crypto so far. Uptober turned out to be Hacktober.
This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for the full price analysis.
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Cryptocurrency charts by TradingView.