Last week, the cryptocurrency market lost about $30 billion in value.
Bitcoin Rollercoaster Ride Towards $20K, Inflation Data and Google that is Bitcoin, inflation statistics in the U.S, and Google announced that they will start accepting cryptocurrency payments.
This is in line with expectations, the most significant drop was yesterday when statistics were published by the US Bureau of Labor Statistics.
Bitcoin spent most of the week slowly declining and showed no signs of a recovery.
The cryptocurrency was chopping and had fallen below $19,000 on more than one occasion. All this changed on Thursday.
Crypto Prices Fall As Bitcoin And Ethereum Slide On After CPI Inflation Data
Yesterday, the US Bureau of Labor Statistics released numbers for September’s Consumer Price Index. The CPI levels hit 8.2%.
This sparked a massive fluctuation in the markets, including a sudden drop in Bitcoin’s price to $18,200 before recovering moments later.
Weekend Market Watch: Bitcoin Has Failed To Reach $20K Again
In less than an hour, the cryptocurrency started trading at around $20,000. Currently, one Bitcoin trades at around $19,200 and is down about 3.7% on the week.
This week, Google announced that it will start accepting cryptocurrency payments for some of its services. More specifically- for cloud service. To make this possible, Google tapped Coinbase – the US-based crypto exchange.
Binance held their scheduled BNB burn, destroying $575 million worth of the tokens and taking them out of circulation permanently.
Binance Gets The License To Operate In Dubai, Which Will Allow it to Offer More Services
Huobi, a leading digital asset trading platform in Asia, announced that Justin Sun – founder of Tron Network – is one of the largest holders of Huobi Tokens.
“Justin said he has tens of millions (millions) of Huobi Tokens.”
It’s been an exciting week in the markets, but most of the volatility is event-driven. We’ll have to see if this trend continues into the next few days or if the market will return to a state of sideways action
