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.
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.
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.
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