First Mover Americas: Bitcoin Falls to $18.1K After CPI Data
The latest price moves in crypto markets in context for Oct. 13, 2022.
Oct 13, 2022 at 12:51 p.m. UTCThis 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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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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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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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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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
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Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
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