Ethereum Classic Is Extremely Volatile Today: Here’s Why
Ethereum ClassicETC/USD is trading flat to $23.19 going into the close of U.S. market trading Thursday,recovering sharply after selling off some 9.88% to $20.90 intraday.
Cryptocurrencies at large are volatile Thursdayafter September CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.
Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.
What Happened?
According todatafrom theU.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September,downfrom8.3% in August. The SeptemberCPI reading came in aboveaverage economist estimatesof 8.1%.
On a month-over-month basis, CPI was up 0.4%versus average economist estimates for a 0.2% jump…Read More
See Also:September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know
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