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Bitcoin price falls under $21K as traders send 84K BTC to exchanges

Bitcoin (BTC) fell further after the Sept. 13 Wall Street open as the dust settled on unexpectedly high United States inflation.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price eyes 9% daily losses

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up $21,000, down up to 8.45% on the day.

Bearish tendencies set in after the U.S. Consumer Price Index (CPI) print for August arrived 0.2% higher than expected.

This, in turn, boosted the likelihood of a 75 or 100-basis-point key rate hike next week by the Federal Reserve — something that would pressure already creaking risk-asset markets.

Fed target rate probabilities chart as of Sep. 13, 2022. Source: CME Group

Bitcoin proved especially sensitive to the event, with downside nonetheless contained by anticipated support at $20,800.

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Market Analysis

Bitcoin price falls under $21K as traders send 84K BTC to exchanges

Volatility claims many a late long position with BTC price action failing to preserve support from recent days.

Bitcoin

Canadian PM Justin Trudeau says investing in crypto is not an escape from inflation

Canada's inflation rose to 40-year highs this year while Bitcoin's price plummeted in the same period.

Blockchain

3 reasons SOL price is up 30% in two weeks — Will Solana's uptrend continue?

Solana (SOL) ticked higher on Sep. 13, mirroring similar upside moves in the broader cryptocurrency market, led by Bitcoin (BTC) and Ether (ETH).

On the daily chart, SOL's price gained over 4% to $39, its best level in 3 weeks. The token's intraday gains came as an extension of a prevailing uptrend that has seen its price gaining 30% in just 2 weeks.

SOL/USD daily price chart. Source: TradingView

In comparison to Solana, Bitcoin and Ether underperformed, securing 16% and 22% gains in the same period. Let's look at the mix of fundamental and technicals that may have prompted SOL to rally higher.

Helium's merge with Solana

On Aug. 30, core developers behind the Helium Network, which offers decentralized wireless 5G network coverage by enabling users to become hotspots, announced a governance proposal to migrate to the Solana blockchain from its native chain. 

The Helium developers cited their "need to improve operational efficiency and scalability" while seeing Solana as an ideal fit.

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Market Analysis

3 reasons SOL price is up 30% in two weeks — Will Solana's uptrend continue?

Solana (SOL) ticked higher on Sep. 13, mirroring similar upside moves in the broader cryptocurrency market, led by Bitcoin (BTC) and Ether (ETH).

On the daily chart, SOL's price gained over 4% to $39, its best level in 3 weeks. The token's intraday gains came as an extension of a prevailing uptrend that has seen its price gaining 30% in just 2 weeks.

SOL/USD daily price chart. Source: TradingView

In comparison to Solana, Bitcoin and Ether underperformed, securing 16% and 22% gains in the same period. Let's look at the mix of fundamental and technicals that may have prompted SOL to rally higher.

Helium's merge with Solana

On Aug. 30, core developers behind the Helium Network, which offers decentralized wireless 5G network coverage by enabling users to become hotspots, announced a governance proposal to migrate to the Solana blockchain from its native chain. 

The Helium developers cited their "need to improve operational efficiency and scalability" while seeing Solana as an ideal fit.

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Altcoins

Crypto’s correlation with mainstream finance could bring more bleeding soon

Since the start of the year, the crypto market’s performance has been considerably poorer than the S&P 500 and other popular indexes.

Bitcoin

Dips be damned, El Salvador is stronger because of Bitcoin

Bitcoin is helping El Salvador to regain its monetary sovereignty, providing its citizens with financial opportunities, and solving problems the country has historically faced.

Regulations

BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damages

BitGo has accused Galaxy of “improper repudiation” and “intentional breach” of the merger in a lawsuit filed with Delaware Chancery Court.

Regulations

Ethereum is eating the world — ‘You only need one internet’

“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”

Ethereum

Ethereum is eating the world — ‘You only need one internet’

“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”

Regulations

Ethereum is eating the world — ‘You only need one internet’

There’s a version of the future that’s tantalizingly possible in which Ethereum becomes the base layer for pretty much everything.

Recent advances in a technology called zero-knowledge Rollups — from StarkWare, Polygon and zkSync — enable the blockchain to move from fewer than 20 transactions per second to… well, an infinite number of TPS.

In theory, it would allow the entire world’s financial system to run on Ethereum.

“I think it’s theoretically possible,” explains Declan Fox, product manager for rollups at Consensys, which provides Ethereum infrastructure and apps like MetaMask. “We have the technology to achieve that kind of throughput necessary.”

“With recursive rollups and proofs, we theoretically can infinitely scale.”

StarWare co-founder Eli Ben-Sasson and Cointelegraph Magazine’s Andrew Fenton
Altcoins

Ethereum is eating the world — ‘You only need one internet’

“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”

Bitcoin

Ethereum is eating the world — ‘You only need one internet’

“Is there a need for more than one internet? And we know the answer is ‘Hell no.’”

Blockchain

Ethereum is eating the world — ‘You only need one internet’

There’s a version of the future that’s tantalizingly possible in which Ethereum becomes the base layer for pretty much everything.

Recent advances in a technology called zero-knowledge Rollups — from StarkWare, Polygon and zkSync — enable the blockchain to move from fewer than 20 transactions per second to… well, an infinite number of TPS.

In theory, it would allow the entire world’s financial system to run on Ethereum.

“I think it’s theoretically possible,” explains Declan Fox, product manager for rollups at Consensys, which provides Ethereum infrastructure and apps like MetaMask. “We have the technology to achieve that kind of throughput necessary.”

“With recursive rollups and proofs, we theoretically can infinitely scale.”

StarWare co-founder Eli Ben-Sasson and Cointelegraph Magazine’s Andrew Fenton
Weekly Overview

Ethereum is eating the world — ‘You only need one internet’

There’s a version of the future that’s tantalizingly possible in which Ethereum becomes the base layer for pretty much everything.

Recent advances in a technology called zero-knowledge Rollups — from StarkWare, Polygon and zkSync — enable the blockchain to move from fewer than 20 transactions per second to… well, an infinite number of TPS.

In theory, it would allow the entire world’s financial system to run on Ethereum.

“I think it’s theoretically possible,” explains Declan Fox, product manager for rollups at Consensys, which provides Ethereum infrastructure and apps like MetaMask. “We have the technology to achieve that kind of throughput necessary.”

“With recursive rollups and proofs, we theoretically can infinitely scale.”

StarWare co-founder Eli Ben-Sasson and Cointelegraph Magazine’s Andrew Fenton
Market Analysis

Ethereum is eating the world — ‘You only need one internet’

There’s a version of the future that’s tantalizingly possible in which Ethereum becomes the base layer for pretty much everything.

Recent advances in a technology called zero-knowledge Rollups — from StarkWare, Polygon and zkSync — enable the blockchain to move from fewer than 20 transactions per second to… well, an infinite number of TPS.

In theory, it would allow the entire world’s financial system to run on Ethereum.

“I think it’s theoretically possible,” explains Declan Fox, product manager for rollups at Consensys, which provides Ethereum infrastructure and apps like MetaMask. “We have the technology to achieve that kind of throughput necessary.”

With recursive rollups and proofs, we theoretically can infinitely scale.

StarWare co-founder Eli Ben-Sasson and Cointelegraph Magazine’s Andrew Fenton
Weekly Overview

Ethereum is eating the world — ‘You only need one internet’

Regulations

Collapse of Terra blockchain ecosystem forces talent migration

Projects migrating from Terra to other ecosystems have made an example of how to adapt and regenerate after a catastrophic blockchain collapse.

Blockchain

Bitcoin price sheds $1K in 3 minutes as US CPI inflation overshoots

Bitcoin's 4% losses swiftly ensue as inflation fails to cool as quickly as hoped for, resulting in a wave of sell-offs for the crypto market.

Ethereum

Bitcoin price sheds $1K in 3 minutes as US CPI inflation overshoots

Bitcoin (BTC) crashed below $22,000 instantly on Sept. 13 after United States inflation data failed to meet estimates. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

CPI print sparks major crypto rout

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD swiftly falling $1,000 after Consumer Price Index (CPI) inflation for August came in at 8.3% year-on-year.

The consensus was that 8.1% would be the latest figure, and the overshoot suggested that inflation was not slowing at the expected pace.

Nonetheless, versus July, year-on-year growth was still down 0.2%, preserving the overall trend of slowing CPI inflation.

This was not enough to avoid a crypto rout, however, and at the time of writing, Bitcoin was below $21,500, down 4% on the day.

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