Bitcoin briefly falls to $29,000 as headline inflation slows to 8.3%
The consumer price index (CPI), the most widely used gauge to track inflation, dropped to 8.3% in April from a year earlier, down from 8.5% in March, a four-decade high, according to the report published Wednesday. Economists had estimated an 8.1% rate for April.
Bitcoin’s price went erratic in response to the bureau’s update. Upon release, the cryptocurrency’s value collapsed from roughly $31,700 down to $29,000 within 20 minutes. Within an hour, the overall amount of liquidations constituted nearly half a billion USD—$406,065,000.