{"id":502315,"date":"2022-09-14T20:00:30","date_gmt":"2022-09-14T20:00:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=502315"},"modified":"2024-06-11T14:26:09","modified_gmt":"2024-06-11T14:26:09","slug":"heres-why-80-billion-was-wiped-off-the-crypto-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/heres-why-80-billion-was-wiped-off-the-crypto-market\/","title":{"rendered":"Here\u2019s Why $80 Billion Was Wiped Off The Crypto Market"},"content":{"rendered":"<p class=\"p2\">Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash.<\/p>\n<h2 class=\"p2\">Inflation Is The Culprit<\/h2>\n<p class=\"p2\">Taking to Twitter, Cardano founder Charles Hoskinson <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/31005186?s=20&amp;t=mXihzdu6hb13hGZqro5IDg\" rel=\"nofollow\">explained<\/a> that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the last couple of months, and the most recent CPI data report saw another increase in inflation, triggering panic across the financial markets.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/uniquehot.com\/crypto\/investor-sentiment-sees-sharp-positive-spike-following-crypto-market-recovery\/\">Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">On the headline inflation, there was only about a 0.1% increase according to the CPI data, while core inflation rose 0.6%. However, despite these numbers not being \u2018large\u2019 compared to previous inflation growth rates, it showed that inflation was not slowing down. With the year-over-year inflation rate now sitting at 8.3%, it triggered a massive sell-off in the market.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">Hoskison shared a report from CNBC that showed that the crypto market was not the only one hit in the sell-offs that accompanied the release of the CPI data. The DOW had fallen 1,200 points in a single day, which was the largest single-day drop recorded in the last two years.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/uI6ZLdJQ\/\" alt=\"Crypto total market cap chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">Market cap drops to $951 billion | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n<p class=\"p2\">Hoskinson&#8217;s statements on the topic of inflation were, \u201cI remember attending a dinner party in Abu Dhabi and sitting next to a famous economist who told me inflation had nothing to do with printing massive sums of money. The people in charge are a delusional cult. You get the bill.\u201d<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-must-hold-this-level-or-risk-falling-to-10000\/\">Bitcoin Must Hold This Level Or Risk Falling To $10,000<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">The crypto market has lost a total of $80 billion in the last 24 hours, which has brought the total market cap below $1 trillion once more. Now, the market looks toward the FOMC meeting that is planned to happen at the start of next week. The decision will also have a significant impact on the market. But before then, the Ethereum Merge presents another event that could have an impact on the market.<\/p>\n<p class=\"p2\">Bitcoin\u2019s strong correlation with the stock market is also having an impact on the market. This means that for there to be a recovery in the crypto market, a recovery in the stock market would help it along. However, with the inflation rates remaining so high, recovery may remain far off until there is more positive news.<\/p>\n<pre style=\"text-align: center\">Featured image from Forkast, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash. Inflation Is The Culprit Taking to Twitter, Cardano founder Charles Hoskinson explained that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the last couple of months, and the most recent CPI data report saw another increase in inflation, triggering panic across the financial markets. Related Reading: Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery On the headline inflation, there was only about a 0.1% increase according to the CPI data, while core inflation rose 0.6%. However, despite these numbers not being \u2018large\u2019 compared to previous inflation growth rates, it showed that inflation was not slowing down. With the year-over-year inflation rate now sitting at 8.3%, it triggered a massive sell-off in the market.\u00a0 Hoskison shared a report from CNBC that showed that the crypto market was not the only one hit in the sell-offs that accompanied the release of the CPI data. The DOW had fallen 1,200 points in a single day, which was the largest single-day drop recorded in the last two years. Market cap drops to $951 billion | Source: Crypto Total Market Cap on TradingView.com Hoskinson&#8217;s statements on the topic of inflation were, \u201cI remember attending a dinner party in Abu Dhabi and sitting next to a famous economist who told me inflation had nothing to do with printing massive sums of money. The people in charge are a delusional cult. You get the bill.\u201d Related Reading: Bitcoin Must Hold This Level Or Risk Falling To $10,000 The crypto market has lost a total of $80 billion in the last 24 hours, which has brought the total market cap below $1 trillion once more. Now, the market looks toward the FOMC meeting that is planned to happen at the start of next week. The decision will also have a significant impact on the market. But before then, the Ethereum Merge presents another event that could have an impact on the market. Bitcoin\u2019s strong correlation with the stock market is also having an impact on the market. This means that for there to be a recovery in the crypto market, a recovery in the stock market would help it along. However, with the inflation rates remaining so high, recovery may remain far off until there is more positive news. Featured image from Forkast, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":502318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83386,3],"tags":[84139,1286,86356,6664,10923,1557,1558,2438],"class_list":["post-502315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-crypto","category-news","tag-cardano-founder","tag-charles-hoskinson","tag-cpi-data","tag-crypto","tag-crypto-market","tag-cryptocurrencies","tag-cryptocurrency","tag-inflation"],"acf":[],"yoast_head":"\n<title>Here\u2019s Why $80 Billion Was Wiped Off The Crypto Market<\/title>\n<meta name=\"description\" content=\"Over the last 24 hours, a substantial amount has been wiped off the crypto market. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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