Why Ethereum Is Falling Sharply

Ethereum ETH/USD is trading lower by 5.61% to the $1,210-level during Thursday's pre-market session. Cryptocurrencies at large are falling Thursday after September CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

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According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%. 

On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...Read More

See Also: September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know