Bitcoin Crash Alert! BTC Price to Hit New Lows in November If This Scenario Plays Out

The bloodbath of the cryptocurrency market continues to flow due to the meltdown of crypto market capitalization and worst-than-expected inflation data despite the Federal Reserve's efforts to minimize it. Bitcoin investors are waiting for a new catalyst as the crypto king has been trading in a range-bound area since last week.

Timeline of Bitcoin

Crypto mining firm Pow.re Holdings Limited has announced the commencement of construction of two new mining facilities in Asunción, Paraguay. Pow.re Begins Mining Facility Construction in Paraguay On October 13, Pow.

Bitcoin (CRYPTO: BTC) trading platform NYDIG laid off about a third of its employees on Sep. 22, which numbered around 110, according to a report by the Wall Street Journal. What Happened: The company executives told the laid-off employees that it took the decision to cut down on expenses and to focus on more businesses, the WSJ report said.

On Thursday (October 13), Robert Kiyosaki, the highly successful author of the “Rich Dad Poor Dad” series of personal finance books, shared his latest thoughts on gold, silver, and Bitcoin.

Bitcoin bucked its shaky initial reaction to the latest Consumer Price Index (CPI) report released on Thursday, rebounding right away after an expected price decline. Bitcoin nears $20K mark after the CPI report was released Inflation in U.S. is at 8.

On Wednesday (October 12), Bank of Canada (which is Canada's central bank), highlighted five findings from a report that studied “the dynamics of Bitcoin awareness and ownership from 2016 to 2021” using its Bitcoin Omnibus Surveys (BTCOS).

Bitcoin price tanked to $18.3k after the CPI data for September comes in higher than expected at 8.2%. However, the BTC price recovered hours after the CPI release, continuing gains on Friday.

Private and publicly-listed bitcoin miners can now apply for loans with Binance as the crypto exchange launched a $500 million fund to cope with the ongoing downturn of the crypto-market conditions.

While It looked like it was set for a bad day after yesterday's dip to US$18,500, we've ultimately seen an impressive 24-hour rally up to US$19,700 to finish the week relatively even. Bitcoin enjoys a pump, yet stays below key US$20,000 point – Source: currency.com Ethereum has also jumped over 3% today, bringing the coin back above the critical US$1,300 price barrier.

The total cryptocurrency market cap saw net inflows totaling $30.49 billion. The post CryptoSlate Daily wMarket Update – Oct 13: BTC, ETH rebound following US CPI data release appeared first on CryptoSlate.

Surprisingly, the crypto market has stepped into the bullish zone after the first born cryptocurrency, Bitcoin reclaimed its $19,000 level. It was just yesterday that the King currency plunged below its crucial range of $19k pulling back altcoins as well.