Decentral Block Post

Cryptocurrency traders were caught by surprise after the Oct. 13 Consumer Price Index Report showed inflation in the United States rising by 0.6% in September versus the previous month. The slightly higher-than-expected number caused Bitcoin (BTC) to face a 4.4% price correction from $19,000 to $18,175 in less than three hours. 

The abrupt movement caused $55 million in Bitcoin futures liquidations at derivatives exchanges, the largest amount in three weeks. The $18,200 level was the lowest since Sept. 21 and marks an 8.3% weekly correction.

It is worth highlighting that the dip under $18,600 on Sept. 21 lasted less than 5 hours. Bears were likely disappointed as a 6.3% rally took place on Sept. 22, causing Bitcoin to test the $19,500 resistance. A similar trend is happening on Oct. 13 as BTC currently trades near $19,000.

The stock market also reacted negatively as the tech-heavy Nasdaq Composite Index moved down 3% after the inflation data was released. After the initial panic selling, Nasdaq adjusted to a 2% daily loss as analysts reaffirmed their expectations toward a 0.75% interest rate increase by the U.S. Federal Reserve Committee in November.

Investors became even more bearish after BlackRock Inc (BLK) reported a 16% drop in profit versus the previous year. Meanwhile, financial heavyweights JPMorgan Chase (JPM) and Morgan Stanley (MS) are set to report on Oct. .

Bitcoin (BTC) delivered classic volatility on Oct. 13 as United States economic data shook markets.

Trader sticks by $21,000 target

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it presented some textbook moves to accompany the U.S. Consumer Price Index (CPI) print for September.

Coming in at 0.1% above expectations year-on-year, the September figures immediately made themselves felt, with risk assets selling off and the dollar advancing in the face of ongoing inflation pressures.

In line with previous CPI events, Bitcoin saw a fakeout to the upside, which vanished in minutes, leading to protracted downside, which only bottomed at $18,183 on Bitstamp.

A rebound took the largest cryptocurrency to $18,800, having seen its lowest since Sept. 22.

Huobi Token (HT) has been up 12% in the last 24 hours and is one of the few cryptocurrencies bucking the general downtrend.

Trading at over $7, HT's price is up over 80% since the beginning of this week, which is also its best weekly performance since February 2021.

HT's intraday gains coincide primarily with crypto exchange Huobi Global announcing the opening of Starfish Finance (SEAN) spot trading on its platform. 

Plans to "empower" HT

Additionally, HT's impressive weekly gains were related to About Capital Management. On Oct. 8, this Hong Kong-based investment firm announced purchasing Huobi Global, one of the leading cryptocurrency exchanges by volume.

HT serves as a utility token inside the Huobi Global ecosystem. Justin Sun, the founder of the Tron blockchain project and reportedly the core backer of About Capital, said on Oct. 10 that they would empower HT to boost Huobi Global's brand and business endeavors. 

Huobi Token (HT) has been up 12% in the last 24 hours and is one of the few cryptocurrencies bucking the general downtrend.

Trading at over $7, HT's price is up over 80% since the beginning of this week, which is also its best weekly performance since February 2021.

HT's intraday gains coincide primarily with crypto exchange Huobi Global announcing the opening of Starfish Finance (SEAN) spot trading on its platform. 

Plans to "empower" HT

Additionally, HT's impressive weekly gains were related to About Capital Management. On Oct. 8, this Hong Kong-based investment firm announced purchasing Huobi Global, one of the leading cryptocurrency exchanges by volume.

HT serves as a utility token inside the Huobi Global ecosystem. Justin Sun, the founder of the Tron blockchain project and reportedly the core backer of About Capital, said on Oct. 10 that they would empower HT to boost Huobi Global's brand and business endeavors.