BTC, ETH, DOGE Tumble Despite Benign CPI Report


Major coins tumbled on Wednesday evening despite a promising Consumer Price Index (CPI). 

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD -0.50% $27,566
Ethereum ETH/USD -0.89% $1,834
Dogecoin DOGE/USD -0.70% $0.072

What Happened: Bitcoin briefly surged above $28,000 on Wednesday but shortly after, the market tumbled.

Bitcoin’s price on Wednesday demonstrated its susceptibility to recent events by fluctuating dramatically. The biggest cryptocurrency by market capitalization experienced a surge after the release of a moderately favorable Consumer Price Index (CPI) which reported a lower-than-anticipated 4.9% increase in inflation for April.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
WOO Network +6.34% $0.2336
KAVA +5.90% $0.8918
Floki +5.14% $0.00003698
Top Gainers In 24 Hours

At the time of writing, the global crypto market capitalization stood at $1.14 trillion, an increase of 0.50% over the last day. 

The U.S. stocks rose as investors fled to tech stocks in response to the CPI report. The tech-heavy Nasdaq Composite index witnessed a significant 1.04% increase,…

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