After of the Federal Reserve’s Consumer Price Index report was released, Bitcoin took a plunge touching $18,183. The reported stated that from this time last year, consumer prices rose 8.2%. This number puts CPI at a 40 year high, excluding votalite foods and energy prices.
Ahead of the release, bitcoin fell quickly by $500 in 30 minutes to about $18,575, right around 6:30 a.m. ET (10:30 UTC).
This puts the industry’s largest cryptocurrency down 16.5% in the last 30 days and as much as 66% from its historical all-time highs of almost $69,000 recorded in November 2021.
Although Bitcoin took this massive dive, it still remains as the least affected cryptocurrency among the rest of the major coins today.
Ethereum is currently at $1,240. Cardano (ADA) fell 9.5% over the span, followed by Solana (SOL) and XRP, which are down 7.8% and 7.2%, respectively.