Bitcoin and Ethereum witnessed price swings on Wednesday following a red hot inflation report of 9.1%.
Bitcoin briefly jumped above $20,000 initially following the report, before plunging as low as $19,046 (and below $19,000 on some exchanges, like Binance). At the time of writing, bitcoin was trading hands at $19,598.13 USD, down 1.52% in the last 24 hours according to CoinMarketCap.
Ether, the native cryptocurrency of the Ethereum network, also saw its price spike towards $1,100 before surrendering its gains on Wednesday. ETH is currently trading at $1,065.25 USD and down 1.22% in the last 24 hours according to CoinMarketCap.
The crypto market has come under persistent downward pressure following the collapse of the Terra blockchain in May and a liquidity crisis for crypto lending platforms in June. Bitcoin registered its worst quarterly decline in 11 years amid this market turmoil, dropping 56% during the second quarter of this year.
Questions has been raised over the future of Bitcoin and other altcoins due to the recent bearish market which has shook the industry.