Crypto stocks faltered on Thursday after core CPI rose to its highest level in 4 decades, sending bitcoin plunging to just above $18K. $COIN is down 11%, $MSTR and $MARA are off 7%. Reporting by oknightcrypto
showed core inflation in September unexpectedly rising to a four-decade high of 6.6%. Headline inflation was 8.2%, also topping economist forecasts.
The news sent bitcoin tumbling to $18,100 – not far off from its 2022 low of $17,600. At press time, the price has bounced modestly to $18,400. The major U.S. stock market averages all fell more than 2%, but are currently trying to mount a mid-morning bounce, with the S&P 500 narrowing its decline to just 1%.
Among the mining stocks, Marathon Digital is trading lower by 7%, with Riot Blockchain and Core Scientific down similar amounts. U.K. miner Argo Blockchain continued to underperform the rest of the sector, down 16.5% to add to its losses followingMicroStrategy , the company that holds 130,000 BTC , is lower by 6.7%, while crypto exchange Coinbase is down 11.5%.
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