Why Bitcoin, Ethereum, and Dogecoin Are Falling Today
Shares of several cryptocurrencies fell today after a key inflation report came in hotter than expected this morning.
Over 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), and the second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded nearly 3% down at 10:17 a.m. ET today. The price of the meme token Dogecoin (CRYPTO: DOGE) traded more than 4% lower.
This morning investors had anxiously been awaiting the latest reading of the Consumer Price Index (CPI), which tracks the prices of a basket of common consumer goods and services and is one metric the market uses to keep tabs on inflation. Economists had been expecting the CPI to grow 8.8% year over year in June, but the CPI came in 9.1% higher, renewing fears of rampant inflation.
Source Fool.com
