Every Top-100 Crypto Is in the Red After Official June Inflation Rate Hits 9.1%
— Increase, Valuation, Digital, Hits, Month, Official, Inflation, Writing, Crypto, Top100 — 1 min read
The U.S. Bureau of Labor Statistics released official data this morning that show June's inflation rate was 9.1% higher than the year before. As a result, the entire cryptocurrency market was down 3% and every top-100 ranking of cryptos by market valuation was down at the time of writing. The most valuable cryptocurrency, Bitcoin, fell more than 4% since the government numbers were issued today. The Federal Reserve announced a 0.75% increase in short-term interest rates last month to try and ground soaring inflation. It's worth noting that total trading volume across crypto exchanges is up nearly 14% over the past 24-hour period. That could be a sign of people exiting the crypto market or an indicator of cool-headed investors buying digital currencies Source