Bitcoin is in a freefall after going back below the major support of $30,000 this move occurred shortly after the release of the updated US Consumer Price Index (hereafter, CPI) showing inflation at 8.3%

Bitcoin (BTC) dropped to around $26,000 on May 12 2022 as the latest news on inflation in the United States is causing a lot of panic and uncertainty in the markets. Inflation at 8.3% puts the CPI forecast 0.2% above predicted, although remains lower than last month’s CPI at 8.5%. Sentiment seems mixed; however, many believe that inflation has peaked.

If we look at traditional markets and how the stock market reacted to this news, we can see that equities also saw new lows. As the cryptocurrency market is still somewhat correlated to the US Stock Market, it was no surprise to see Bitcoin as well as altcoins take a bad hit to the downside. Furthermore, the stablecoin TerraUSD (UST) lost its peg to the dollar causing it’s price to fall as low as 0.22 cents on some exchanges this week. Also, $LUNA which is TerraUSD’s native token couldn’t catch a break and capitulated from its ATH prices of 119.5 USD to a shocking low of 0.16 cents in a matter of weeks. Market Spotter offers three pricing options which gives users the choice to pick what package suits them best. However, the whale package includes an exclusive 1-1 call with one of our team members in order for you to maximize your understanding of these indicators and be ready to deploy that knowledge when trading