Its capitulation across the board in crypto, with Bitcoin down 6% to $20.8k on $45B and Ethereum down 7% to $1592 on $20B volume. Inflation in the US comes in higher than anticipated, with CPI printing 8.3% YoY for the month of August vs. the expected 8.1%. The rate is lower vs. the 8.5% in July, but the underlying components which are seeing increases are what is spooking people — as prices of other goods and services outside of energy are rising. This print suggests the Fed would raise rates another 75bps in the next meeting.
NFT volumes were $17M on the day, EVM-NFTs posted $12M while Solana-NFTs was $2.8M. A new project RENGA tops the charts with $1.6M in turnover, with Doodles close behind on $1.5M of volumes. Doodles raised $54M on a $704M valuation — boom.
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