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- Cryptocurrency again witnesses a hard hit.
- Eurozone Hits 9.1% tumbling the cryptocurrency market.
- Analysts are setting up a meeting soon on September 8th,
Euro area is expected to be 9.1% in August, 2022, up from 8.9% July 2022. There are few components affecting the euro area rise. These factors include energy (38.3%)followed by food, alcohol and tobacco at 10.6%. These three major components hold approximately 1/3 of the total euro area.
This rise of 9.1% is slightly affecting the cryptocurrency market trading flat. The rise in euro area inflation is exerting additional pressure on the European Central Bank (ECB).
Both Ethereum and Bitcoin showed negligible growth numbers of 0.25% and 0.1% respectively. When the news broke through media channels the crypto market suddenly went flat.
When the instance took place many European indices reacted by selling them off by over 100 points on an approximation. This led FTSE to fall by 77 points earlier yesterday.
The ECB is scheduled to meet on September 8th, 2022. Market analysts are expecting huge from this upcoming meeting. The analysts are expecting officials to implement a massive hike to hold the food and energy prices moving out of control. The analysts expect that this meeting will make a subtle change in the market to scale the price pressure. A 75 point hike is considered likely to be due to the price pressure scale.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
