- Inflation rate increases by over 9%, which is the highest it has been in four decades.
- The prices of BTC, ETH, SOL, DOGE, and ADA have all been affected by the news and the global crypto market temporarily went below $900B.
- Bitcoin maximalists say the asset may be used as a hedge against inflation, although it hasn’t in recent months.
According to the Federal Reserve’s latest inflation report, the U.S. economy has 9.1% year-over-year inflation in June, which is the highest rate in 40 years. The measure rose by 1.3% from a month earlier, marking the largest month-on-month gain since 2005, as higher prices for fuel, housing, and food were taken into account.
The release was followed by a reduction in the value of hazardous assets. Ethereum’s (ETH) price has dropped by 4.4% over the course of the last few hours, and the prices of Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) have followed suit. According to statistics provided by CoinGecko, a majority of the top 100 cryptocurrencies by market capitaliz ...