Bitcoin wipes $15 billion from market cap in 10 mins as U.S. inflation data runs hot

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On July 12, the price of Bitcoin (BTC) stabilized into a steady holding pattern ahead of the release of U.S. inflation data, which ultimately injected further downwards volatility.

Indeed, news that inflation in the United States exceeded 9.1%, the highest level since November 1981, according to the new CPI report for June, only caused a further downward trend in Bitcoin and the cryptocurrency market.

Currently, Bitcoin is trading at $19,180, down 3.45% on the day and a further 4.70% in the last week, with a total market worth of $366 billion, according to CoinMarketCap data.

Notably, the flagship digital asset lost $15 billion from its market capitalization in the space of around ten mins as it fell from $379.91 billion to $364.55 billion upon news emerged with the negative CPI report for June.

Tension was in the air for the CPI report

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