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Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Bitcoin, Ethereum and Dogecoin Crash After ‘Scorching’ Inflation Data: Analyst Says ‘Writing Was on Chart »

Bitcoin and Ethereum traded sharply lower on Tuesday evening as the global cryptocurrency market capitalization plunged 7.5% to $986.4 billion as of 8:26 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -9.7% 7.2% $20,217.87
Ethereum ETH/USD -7.8% 0.9% $1,577.62
Dogecoin DOGE/USD -6.3% 1.5% $0.06

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Classic Earth (LUCN) +21.8% $0.00036
TerraClassicUSD (USTC) +6.3% $0.04
Earth (MOON) +5.2% $4.23

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Why is this important: Major cryptocurrencies fell after the United States Department of Labor released inflation figures for August, which showed the consumer price index rose 8.3% year-on-year.

Although inflation has eased from July’s 8.5% rise, it is above economists’ average estimate of 8%.

Stocks fell on Tuesday, with the S&P 500 and Nasdaq losing 4.3% and 5.2% respectively. US stock futures were flat at the time of writing.

“Scorching inflation has triggered a stock market sell-off that is also dragging Bitcoin into the race,” said Edouard Moyaa senior market analyst with OANDAaccording to a note seen by Benzinga.

“Hopes for a soft landing, an end to the Fed bullish cycle and a resilient consumer are fading. Bitcoin’s fall has reminded traders that it remains the ultimate risky asset and that it is vulnerable if the stock market sell-off intensifies.”

Justin Bennettwho warned investors not to get “too cozy” yesterday, tweeted that “writing was on the chart” for cryptocurrencies and stocks.

The trader warned that he thinks we still haven’t seen the lows for Bitcoin.

Michael van de Poppe said markets were pricing in a 100 basis point rate hike by the US Federal Reserve for September.

The cryptocurrency trader said: “The worst thing is to be rated.”

Meanwhile, the number of bitcoin addresses with 10 BTC or more has increased since February, Santiment said.

“Over the past 7 months, the number of these shark and whale addresses has increased by 3.6% on the network, and has returned to its highest level in 19 months”, specifies the economic intelligence platform.

On the Ethereum side, the buzz surrounding the coin’s move to proof-of-stake remains intact. Stripe CEO Patrick Collisson said on Tuesday that the “fusion” was “one of the coolest examples of sustained, ambitious, and technically challenging open source development.”

Read more : Investors worry about meltdown as Ethereum leads Bitcoin in $62M crypto outflows