US Inflation: 6 tech stocks lose $500 billion as crypto market value sheds $89 billion

While shareholders in the six tech companies engaged in a sell-off following the fresh announcement of the inflation rate, the bitcoin market took a hard fall as indications from the Federal Reserve Bank showed there may likely be an increment in interest rates by 0.75%.

This had led to the shedding of about $89 billion worth of crypto while about 97,000 crypto traders liquidated their positions totaling more than $357 million.

BTC positions accounted for 75% of the liquidated transactions.

Apple was the biggest loser among the six tech companies as its shares fell by -5.87% which made it lose a market capitalization of $154.11 billion. Microsoft was next with a share decline of -5.5% while its market capitalization of $109.33 billion was wiped off.

Amazon followed with its shares dipping by - 7.06% to shed $98.11 billion in market capitalization.  

Next was Alphabet which saw its shares drop by -5.9% and a loss of $85.32 billion. Meta also took a hit as its shares dipped by -9.37%, causing a loss of $42.55 billion in value.

Nvidia also lost $34.21 billion in market capitalization following a -9.47% dip in share.

The worsening inflation has baffled crypto traders as the trade figure for the leading cryptocurrency which was tethering around $22,500 shortly before the report was released, is currently pegged at $20,300 representing a 7% drop from the previous day.

The Consumer Price Index report however noted despite the successes noticed in other sectors of the economy, the inflation in the US is still something to be worried about as goods and services cost fully 8.3 per cent more than they did a year ago.