The August consumer price index report came in higher than expected, which led to the fall of the digital currency.
At 12:45 p.m., the coin was worth $20,804.00. There is an hour and a half later.
The price is going down. After hitting a one-month high Tuesday morning, it fell.
The digital asset was back above the key psychological $20,000 level last week due to a softer U.S. dollar. The price of the digital coin increased due to the network update.
Inflation rose even though gas prices fell. The U.S. dollar jumped and the stock market sold off as Wall Street expected the Federal Reserve to raise interest rates.
As rates went up, investors sought to get rid of riskier assets.
On Tuesday, the token that runs on the internet, ether, fell more than six percent. The proof-of-stake model will be switched from a proof-of-work model during the merger.
The move will make the system more secure. New investors should be drawn to the second-largest market cap after bitcoin.
It is not clear when the merge will occur. It could take more than three days.
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