Bitcoin and ether see major price swings following US inflation report

Bitcoin and Ethereum whipsawed on Wednesday following a red hot inflation report of 9.1%.

Bitcoin briefly jumped above $20,000 initially following the report, before plunging as low as $19,046 (and below $19,000 on some exchanges, like Binance). At the time of writing, bitcoin was trading hands at $19,191, down 3.2% in the past hour according to CoinGecko. 

Ether, the native cryptocurrency of the Ethereum network, also saw its price spike towards $1,100 before surrendering its gains on Wednesday. It's currently trading down 4.5% at $1,031, according to CoinGecko.

The crypto market has come under persistent downward pressure following the collapse of the Terra blockchain in May and a liquidity crisis for crypto lending platforms in June. Bitcoin registered its worst quarterly decline in 11 years amid this market turmoil, dropping 56% during the second quarter of this year.