Bitcoi and Ethereum Fall Continues, Does inflation to blame?
Following consolidation, BTC finally moved late on Friday into Saturday, as crypto prices responded to the latest inflation report.
Data from the United States showed that inflation came in at a 40-year high of 8.6%, which is higher than the 8.3% many had expected.
As such, investors seem to have panicked and, in turn, liquidated some of their positions in crypto markets.
BTC/USD fell to an intraday low of $28,911.36 to start the weekend, taking prices to their weakest point in almost two weeks.
Despite the drop, prices remain above support at $28,800; however, some expect the sell-off to intensify as the weekend progresses.
Should we see the 14-day RSI move below its current support of 40.50, we could see this expectation come into fruition.
Saturday saw ETH fall to its lowest point in over a year as prices of the world’s second-largest crypto token plunged.
To start the weekend, ETH/USD fell by nearly $300, hitting a bottom of $1,583.10 earlier in today’s session.
This is the lowest level prices have hit since March last year and comes as prices broke out of support at $1,720.
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