Eurozone inflation hits all-time high… Will the cryptocurrency market suffer more?
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Answer Eurozone inflation hits all-time high… Will the cryptocurrency market suffer more?
The eurozone faces a series of financial challenges, as the effects of the Russo-Ukrainian war mount.
Amid the collapse of the global financial landscape, the euro underperformed.
Highlighting recent events, the latest reports indicate that the inflation rate in the 19 countries that use the euro rose to 9.1% in August, marking the highest number in the history of the euro.
Energy data records the highest average consumer price index in the euro area:
The European Union’s statistical office, Eurostat, revealed data on the Consumer Price Index (CPI) on Wednesday.
Inflation came in at 9.1% in August after the 8.87% rate recorded in July.Read:European Central Bank CEO: The European Union may start testing its digital currency CBDC in 2023
According to data from the Eurostat report, the cost of energy contributed significantly to the unwanted rise.
The eurozone is struggling with the rising cost of energy, as Russian sanctions have dealt a heavy blow to the electricity market.
Although electricity data showed the highest rate at 38.3%, it was down from 39.6% in July.
The CPI data of 9.1% marks the ninth consecutive rise in the inflation rate in the Eurozone.
The single largest increase was in March, a month after Russia invaded Ukraine.
March CPI data rose to 7.44%, a scary jump from the 5.87% rate recorded in February.
The increase has continued since then.
The European Central Bank raised the interest rate by 50 basis points in July.
The move was an attempt to combat the seemingly persistent increase in the rate of inflation.
With a rate of 9.1% in August – 9% higher than expected – the Eurozone will expect another sharp interest rate hike on September 8th.Read:The crypto community is outraged by the management of a decentralized finance currency that is down 62%
Stock and Cryptocurrency Markets Struggling to Survive:
In addition to the Russian war, the conditions of global financial markets contributed to the high rate of inflation.
The euro fell below the dollar to trade at a 20-year low of $0.9910 on August 23.Read:The search for “buy cryptocurrencies” on Google is witnessing a record level not recorded since 2018
The stock and cryptocurrency markets have been struggling for survival lately.
The ominous comments from Federal Reserve Chairman Jerome Powell on August 26 made matters worse.
After warning of higher interest rates, the stock and cryptocurrency markets collapsed further after the statement.
Cryptocurrency markets fell in particular over the weekend, reaching their lowest point in August.
Despite this, the markets are currently fighting a good fight, with small gains posted on Tuesday.
The largest cryptocurrency is currently trading at $20011 at the time of writing this article.
This value is one of the lowest prices I reached in August.
Ethereum is down 2% in the past 24 hours, and is now trading at $1,560.
How many months does it take Bitcoin to end the bearish momentum?
Set the last date for users to submit their lost bitcoin requests on Mt.Gox
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