US inflation hit 8.6% in May – The Defiant
Crypto markets plunged on Friday morning after the release of federal data showing that US inflation accelerated in May.
Consumer prices rose in every department as measured by the Bureau of Labor Statistics, bringing year-on-year inflation to 8.6%, the biggest 12-month increase in 41 years.
CPI data was released at 8:30 am ET – after a while, the prices of the largest cryptocurrencies dropped by market capitalization.
Bitcoin was trading at :2 30,150 at 8:29 a.m., according to data from CoinGecko. Two hours later, it stands at $ 29,308 – a 2.8% drop.
At 8:29 a.m. Ethereum was just above $ 1,779, by 10:30 a.m. it had dropped 2.8% to $ 1,729.
Major altcoins such as Cardano, BNB, XRP and Solana also declined by 5.4%, 0.2%, 3.3% and 3.6%, respectively.
Extensive sale off
Crypto sell-off mirrored drops in the broader market because crypto is highly correlated with equity.
The Dow Jones Industrial Average, the S&P 500 Index and the Nasdaq stock market fell between 2% and 3.5% on Friday morning.
Interestingly, Bitcoin has outperformed stocks this morning and has remained resilient in recent weeks as its share of the overall crypto market cap continues to rise.
Bitcoin’s dominance stands at 47%, a level that was last seen in October 2021.
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