US Inflation Higher Than Expected For September, 8.2% YoY – October 13

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $18,948

Bitcoin price has had a volatile few hours of trading to begin Thursday, as the market whipsaws following the latest CPI inflation figures for September.

Top-20 altcoins are in the red across the board, as Ethereum falls 3%, BNB drops 1% and XRP suffers a 4% loss over the last 24 hours of trading.

Top Stories for October 13, 2022 πŸ”₯

πŸ‘‰ US Inflation Higher Than Expected For September, 8.2% YoY

US inflation data came in higher than expected for the month of September, increasing 0.4% month-over-month and 8.2% year-over-year.

Expectations from Bloomberg stood at 0.2% month-over-month and 8.1% year-over-year. Cryptocurrencies fell sharply following the release – continuing a trend which sees Bitcoin fall an average of 4% following a higher-than-expected inflation figure release.

πŸ‘‰ ETH Becomes Deflationary For First Time Following The Merge

Ether (ETH) has become deflationary for the first time since “The Merge”, its switch to the Proof-of-Stake consensus mechanism.

More ETH was burned during the verification of transactions than was minted during the same period, leading to a 0.13% reduction in supply over the last 7 days – around 4,000 ETH.

The rate of increase of the ETH supply has fallen by almost 90% since the Merge.

πŸ‘‰ Digital Yuan Total Transaction Volume Crosses $14 Billion

China’s central bank digital currency (CBDC) project of the digital yuan, known as e-CNY, has reached a total transaction volume of more than $14 billion so far during its pilot phase.

The figure was reported by the People’s Bank of China (PBoC) this week. Other statistics from the program include an overall total of 360 million transactions and 5.6 million merchants already supporting e-CNY as legal tender.