US Inflation Rate Drops to 2.9%, Triggering a Bearish Crypto Market

In a surprising twist, July’s US Consumer Price Index (CPI) fell to 2.9%, the lowest since March 2021, catching economists off guard who had expected a 3% rate. This slight recovery in the US economy quickly turned the crypto market bearish.

Bitcoin, which had been steadily climbing, slipped below $60,000, while Ethereum dropped to around $2,600. The market, which was on the mend from a major slump, saw Bitcoin crash as low as $47,000, pulling the global crypto market cap down to $1.88 trillion. The CPI report has shifted the momentum, bringing the market back into a bearish phase.

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