After months of historically sky-high inflation, prices for everyday items appeared to be cooling off, and so investors hoped for a U.S. Consumer Price Index (CPI) report that would confirm those rose-colored suspicions. It didn't happen.
The report dropped about 8:30 a.m. (EST) and showed, worrisomely, that inflation in August actually rose 0.1% compared to July. Gas prices are lower. Food prices are not.
As the hotter-than-expected CPI numbers spilled all over the place and started to soak in, Bitcoin, as of 8:33 a.m. (EST), still clutched a $22,500 handle. But we spotted a red stain appearing over the prior one-hour period. BTC had, at that stage, gained 1% in 24 hours.
By 8:58 a.m. (EST), the largest crypto was $21,600 and plunging further amidst worries about possible extra-large Fed rate hikes possibly to follow. Yikes, Dow futures are tanking. By the time you read this ... wait a minute, let's take a step back.
BTC started to surge early yesterday, kicking off the new week with a cheery disposition as risk investors seemed to conclude that there might be a pivot in store in terms of the Fed becoming less aggressive at some point in the coming months.
Oh well, there's always Hedera Hashgraph, vaulting by as much as 6% since yesterday. HBAR is the native asset of the public Hedera blockchain, governed by a consortium of giant companies aspiring to reinvent supply chain management and advertising in the coming Web3 economy.
Support for HBAR from Coinbase – an event flagged on past exchange-issued roadmaps as being in the works – arrived this morning, right around the time that the CPI dung bomb went off.
As of 9:02 a.m. (EST), HBAR, over the prior hour, had declined 4.8% to $0.066332, still green on the day.