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 |
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,…