BTC cost clings to $20K as US stocks lose the same as 4 Bitcoin market caps

Bitcoin (BTC) briefly lost $20,000 support overnight into Sept. 14 after hot U . s . States inflation sent risk assets crashing lower.

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

Markets lose big in bid to “fight the Fed”

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it hit lows of $19,870 on Bitstamp — its worst since Sept. 9.

The move came among a stocks rout triggered by Consumer Cost Index (CPI) inflation data for August arriving above expectations.

Despite still being less than This summer, the marketplace had wished for any faster cooling of inflation more broadly and therefore the risk of a faster loosening of policy through the Fed.

With this prospect now appearing slim, equities indexes hemorrhaged value, with Apple losing $154 billion — the sixth-greatest daily reduction in U.S. stock exchange history.

“Markets had attempted anxiously to spin a bull situation and fight the Given, essentially, and that’s a harmful spot to be,” Carol Schleif, deputy chief investment officer at BMO Family Office, told Bloomberg.

As a whole, U.S. stocks fell by roughly $1.6 trillion at the time — greater than four occasions the Bitcoin market cap.

The U.S. dollar consequently elevated in strength, using the U.S. dollar index (DXY) surging back towards twenty-year highs.

During the time of writing, the index circled just below 110, under .9% below that macro peak seen earlier within the month.

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

“Septembear” returns to haunt BTC bull

During the time of writing, mix-market crypto liquidations totaled $355 million, with Sept. 13 developing among the largest lengthy liquidation occasions in recent days.

Related: Bitcoin margin lengthy-to-short ratio at Bitfinex achieve the greatest level ever

Data from on-chain monitoring resource Coinglass also taken $88 million of short liquidations tomorrow.

Crypto liquidations chart. Source: Coinglass

The sell-off thus left BTC/USD up just 1% for that month of September, that was nevertheless still the very first “green” September since 2016, Coinglass demonstrated.

BTC/USD monthly returns chart (screenshot). Source: Coinglass

The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.

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