Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Price Point

Bitcoin (BTC) dropped to as low as $18,183 after the Consumer Price Index (CPI) data was released on Thursday. The Labor Department reported consumer prices in September rose 8.2% from the same month last year and 0.4% from August.

Measured by core CPI, which excludes volatile food and energy prices, U.S. consumer prices advanced to a 40-year high in September. Bitcoin was recently down 3.8% on the day.

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Bitcoin hit lows of $18,181 after the CPI data was released. (TradingView)

Prior to the release, bitcoin fell quickly by $500 in 30 minutes to about $18,575, right around 6:30 a.m. ET (10:30 UTC).

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Bitcoin fell about $500 in the 30 minutes pictured. (Messari)

S&P 500 futures lost a 1% gain and slid more than 2% after CPI data showed consumer prices surged last month, and the dollar rallied.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Ribbon Finance RBN +6.52% DeFi
Chain XCN +3.42% Currency
PAX Gold PAXG +0.2% DeFi

Biggest Losers

Asset Ticker Returns DACS Sector
STEPN GMT -13.61% Culture & Entertainment
Chiliz CHZ -11.87% Culture & Entertainment
Kyber Network Crystal KNC -11.82% DeFi

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Chart of the Day

Crypto Volatility Meltdown Continues

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BitMEX's ether volatility index has dropped to its lowest level since 2018. (Source: BitMEX, Decentral Park Capital)

By Omkar Godbole

  • "The volatility index shows pressure is building up," Decentral's Portfolio Manager Lewis Harland said. " The more it builds, the more it needs to be released and reset (either direction)."

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CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk's Markets team.