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Perhaps somewhat expected, the volatility has returned to the cryptocurrency market, albeit event-driven. The ongoing turbulence is caused because the United States Bureau of Labor Statistics released the CPI numbers.
CPI stands for Consumer Price Index, and it’s the most common gauge for the current rates of inflation in the US.
- The Consumer Price Index is used to measure the average change over time in the prices that urban consumer pays for a market basket of goods and services.
- The number clocked in at 8.2% for the month of September.
- As it’s almost always the case, the cryptocurrency market reacted immediately, and the BTC price initially pumped and then dumped towards $18,200 where it’s trading at the time of this writing.
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