Here’s Why $80 Billion Was Wiped Off The Crypto Market

Over the last 24 hours, a substantial amount has been wiped off the crypto market. Billions of dollars were taken off the market cap as cryptocurrencies such as bitcoin lost about 10% of their value in the same time period. Following this, Charles Hoskinson, founder of the Cardano network, has shared his thoughts on what caused the market to crash. Inflation Is The Culprit Taking to Twitter, Cardano founder Charles Hoskinson explained that the high inflation rate was the reason behind the market crash. It is no secret that the inflation rate of the United States has been climbing in the last couple of months, and the most recent CPI data report saw another increase in inflation, triggering panic across the financial markets. Related Reading: Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery On the headline inflation, there was only about a 0.1% increase according to the CPI data, while core inflation rose 0.6%. However, despite these numbers not being ‘large’ compared to previous inflation growth rates, it showed that inflation was not slowing down. With the year-over-year inflation rate now sitting at 8.3%, it triggered a massive sell-off in the market. Hoskison shared a report from CNBC that showed that the crypto market was not the only one hit in the sell-offs that accompanied the release of the CPI data. The DOW had fallen 1,200 points in a single day, which was the largest single-day drop reco...