First Mover Americas: Bitcoin Falls to $18.1K After CPI Data

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Price Point

Bitcoin (BTC) dropped to as low as $18,183 after the Consumer Price Index (CPI) data was released on Thursday. The Labor Department reported consumer prices in September rose 8.2% from the same month last year and 0.4% from August.

U.S. consumer prices advanced to a 40-year high in September. Bitcoin was recently down 3.8% on the day.

Bitcoin hit lows of $18,181 after the CPI data was released. (TradingView)

Prior to the release, bitcoin fell quickly by $500 in 30 minutes to about $18,575, right around 6:30 a.m. ET (10:30 UTC).

Bitcoin fell about $500 in the 30 minutes pictured. (Messari)

Futures on the S&P 500 wiped a 1% gain and slid more than 2% after CPI data showed consumer prices surged last month. The dollar rallied.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Ribbon Finance RBN +6.52% DeFi
Chain XCN +3.42% Currency
PAX Gold PAXG +0.2% DeFi

Biggest Losers

Asset Ticker Returns DACS Sector
STEPN GMT -13.61% Culture & Entertainment
Chiliz CHZ -11.87% Culture & Entertainment
Kyber Network Crystal KNC -11.82% DeFi

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Chart of the Day

Crypto Volatility Meltdown Continues

BitMEX's ether volatility index has dropped to its lowest level since 2018. (Source: BitMEX, Decentral Park Capital)

By Omkar Godbole

  • "The volatility index shows pressure is building up," Decentral researcher Lewis Harland said. " The more it builds, the more it needs to be released and reset (either direction)."