Crypto’s market cap drops below $1 trillion after disappointing inflation data

Crypto and related assets dropped Tuesday following the August inflation report that showed prices rose more than anticipated, signaling that the Federal Reserve is likely to hike interest rates by another 0.75% next week.

Bitcoin dangled above its crucial $20,000 mark as of Tuesday afternoon, selling off as much as 10% since the release of inflation data and outpacing the S&P 500's (-4.3%) and Nasdaq Composite's (-5%) losses. The total market capitalization for all crypto assets slipped below $1 trillion again, falling approximately 7% on the day to $998 billion from $1.07 trillion according to Coinmarketcap.

David Hollerith | Yahoo Finance

Related News

Browse By Category


Send Us A Message