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12 Hrs Crypto Update 13, Oct: Cryptocurrency market Drop Sharply After

According to the Bureau of Labor Statistics, the core CPI surged 8.2% in September, down from 8.3% in August. The September CPI data surpassed analysts’ forecasts of 8.1%.

12 Hrs Crypto Update

The global crypto market's performance has shifted from

 a bullish to a bearish trend after the release of the US CPI data. 

The recent changes for Bitcoin, Ethereum, and other cryptocurrencies indicate a downward trend. The crypto market has suffered significant losses due to global geopolitical and economic changes. 

According to CoinGabbar statistics at the time of writing, the global cryptocurrency market cap decreased by 3.8% in the last 24 hours to $0.932 trillion. The total crypto market volume over the last 24 hours was $55.93 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $18,370. This follows a 4.2% drop in the last 12 hours. As a result, its market capitalization stands at $359.26 billion.

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,1210, which decreased by 6.9% in the last 12 hours. Furthermore, its price has dropped by 11.98% in the last week.

Top Cryptocurrencies Price Action

The price of Solana (SOL) has dropped by 9.8% in the last 12 hours. SOL is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $28.22.

After breaking its upward trend, Dogecoin (DOGE) has plummeted 6.29% in the last 12 hours. Based on CoinGabbar statistics, DOGE is currently trading at $0.05617. Meanwhile, Shiba Inu has decreased by 7.32% and is currently trading at $0.00000946.

The price movement of the Binance Coin (BNB) also shows a negative trend. As per CoinGabbar statistics, BNB decreased by 4.37% in the last 12 hours and is currently trading at $260. The weekly data shows a loss of 11% for this coin.

What Turns Crypto Market Red?

On Oct 13, the U.S. Bureau of Labor Statistics released US CPI data. As per data, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in September, following a 0.1 percent increase in August. Before seasonal adjustment, the all-items index gained 8.2 percent over the previous year. As a result, the broader cryptocurrency market turns red and experiences significant volatility.

Major Events Around the World

  • Kazakhstan, one of the key destinations for crypto mining activity, is now considering mandating all crypto miners working in the country to obtain a license. Mazhilis, Kazakhstan's lower house of parliament, introduced the measure on Wednesday, October 12.

  • Prysmatic Labs, one of the core development teams behind the Ethereum (ETH) Merge, has been acquired by Offchain Labs, the developer of the Ethereum layer-2 network Arbitrum.

  • World's leading crypto exchange Binance has concluded its 21st quarterly Binance Coin burn, eliminating approximately $547 million in BNB tokens from its supply.

  • The consumer electronics behemoth Samsung has announced the launch of a blockchain-based security mechanism for its smart devices. The Knox Matrix system's goal is to strengthen the security of a multi-device environment, with each smart device monitoring others and exchanging access data to simplify login processes.

COINGABBAR VIEWS: U.S consumer prices increased more than expected in September, and underlying inflation pressures remained elevated, reinforcing predictions that the Federal Reserve would raise interest rates by 75 basis points again next month. If the Fed raises interest rates again, the broader market may witness another meltdown at that time.

Read also: BITCOIN PRICE ANALYSIS CMP-$19,100: BITCOIN's low volatility is like "the calm before the storm."

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