Major Bitcoin and Ethereum Volatility as US Inflation (CPI) Clocks in at 8.3%

The Consumer Price Index numbers for August are in, and, as always, this caused major volatility within the cryptocurrency markets.

At the time of this writing, Ethereum, as well as Bitcoin, are charting initial declines.

• The US Bureau of Labor Statistics just updated the numbers for the Consumer Price Index for August and they are slightly above expectations.
• The August inflation is locked in at 8.3%, which is 0.2% higher than what experts expected. This represents a 0.1% month-over-month increase.
• At the time of this writing, Bitcoin is trading at $21,850, down about $1,000 in the past few minutes alone, as seen in the chart below.

• Meanwhile, Ethereum is also trading below $1,700.
• The volatility has also resulted in about $50 million worth of liquidated positions in the past hour alone.