By Mark Ackman
As the crypto market continues to fall in price, the United States of America has witnessed its worst customer price index data for September 2022. The report, released Thursday morning, even led to a significant bearish movement in the crypto market. This could be seen in the price of Bitcoin; the value of the world’s most popular crypto declined to around $18,000 while other altcoins continue to fall in price.
However, the on-chain data provider, Santiment, stated that the price of Bitcoin was briefly bullish because of a 3-week high in BTC long vs. short ratio on exchanges. The data provider said: “Crypto traders and investors sold #Bitcoin & #altcoins heavily as the #inflation news was announced.”
It’s worth noting that the Bitcoin dump happened because of the solid bullish movement in the United States of America equities. An 8.2% increase in CPI data for September resulted in a 300 points increase for the Dow Jones Industrial Average in the early trading session. The Dow Jones finished the day with nearly 800 positive points. This bullish price movement affected the crypto market as Bitcoin, and other coins had a pump in their prices.
Bitcoin Investors And Traders Must Be Cautious
Despite this news release, the price of BTC is still up by 3.76%, trading at $19,811, with a current market cap of $379 billion. Despite recently touching the $20,000 price level, there was still a drop in Bitcoin’s social dominance. Santiment said, “Traders are going for short-term pumps right now to cover their losses. Weak traders and investors stopped trading crypto in 2022, but long-term traders and investors believe Bitcoin will have a major pump again. A high BTC social dominance usually results in increased BTC price.”
Although the crypto market has experienced more bearish movement this year, Bitcoin has shown signs of recovery, and other altcoins are moving up too. Ethereum, considered the world’s second-largest crypto, gained 8.94% in the last 24 hours and trades at $1,330. The pump takes its market cap to $163 billion.
However, most traders hope BTC and other altcoins can stay up for the long term. The bearish movement has broken many investors, but some are hopeful that the bull season will return soon. According to previous price action, the quickest way to earn from the market now is to go for short-term investments.
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