The most recent price movements in cryptocurrency markets in relation to September 13, 2022.
- Price Point: Bitcoin reached its highest level in three weeks during Asia trading hours, but it quickly fell back after the August consumer price index for the United States came in higher than expected. Bitcoin's price had dropped below $22,000 as of press time.
- Market Movements: Investment banks predict that the dollar's recent decline will be reversed quickly. Omkar Godbole writes that this could be bad for bitcoin.
- Today's Chart: In just two months, the dollar value locked in open perpetual futures contracts linked to ethereum classic (ETC) has tripled to more than $300 million.
This article first appeared in First Mover, Kay Blogs daily newsletter that contextualises the latest crypto market moves. Subscribe to receive it daily in your inbox.
According to Kay Blogs data, the leading cryptocurrency rose to $22,600 during Asian trading hours, its highest price since Aug. 19 and a 21% gain in seven days.
But, at 8:30 a.m. ET (12:30 p.m. UTC), the U.S. Labor Department released its monthly inflation report, revealing that the consumer price index rose 8.3% in August, down from 8.5% in July but still higher than the 8.1% forecast by economists.
Bitcoin quickly fell below $22,000, falling about 5.4% in tandem with the broader market.
Bitcoin quickly fell below $22,000, falling about 5.4% in tandem with a significant drop in US stock futures.
NEWS FLASH (via Helene Braun): In August, US inflation was higher than expected, and Bitcoin fell 4%.
In other news, Hodlonaut, a pseudonymous bitcoiner who edits the Bitcoin magazine Citadel21, sued self-proclaimed bitcoin inventor Craig S. Wright. Hodlonaut began tweeting in 2019 that Wright is not Satoshi Nakamoto, the pseudonymous creator of bitcoin. The Norwegian court will now decide whether Hodlonaut's tweets are legal under Norwegian law.
According to Kay Blogs, supporters of Hodlonaut are concerned that Wright's legal action will deter developers, journalists, and institutions from working on the leading digital cryptocurrency.
In other news, Starbucks announced that customers will be able to buy and earn digital collectibles in a new programme.
Starbucks Odyssey, a new Polygon-powered rewards programme, will also allow customers to purchase and earn digital collectibles. Customers can now sign up for a wait list to gain access to Starbucks Odyssey, where they can go on "journeys" designed to foster community and customer engagement.
Kay Blog Market Index
Biggest Gainers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Terra Luna Classic | LUNA | +10.85% | Smart Contract Platform |
| Litecoin | LTC | +4.58% | Currency |
| Adventure Gold | AGLD | +2.85% | Culture & Entertainment |
Biggest Losers
| Asset | Ticker | Returns | DACS Sector |
|---|---|---|---|
| Ravencoin | RVN | -13.25% | Currency |
| The Graph | GRT | -12.89% | Computing |
| Hedera | HBAR | -9.88% | Smart Contract Platform |

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