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Eurozone inflation hits all-time high… Will the cryptocurrency market suffer more?


 Amid the collapse of the global financial landscape, the euro underperformed.


Highlighting recent events, the latest reports indicate that the inflation rate in the 19 countries that use the euro rose to 9.1% in August, marking the highest number in the history of the euro.

Energy data records the highest average consumer price index in the euro area:

The European Union's statistical office, Eurostat, revealed data on the Consumer Price Index (CPI) on Wednesday.


Inflation came in at 9.1% in August after the 8.87% rate in July.


According to data from the Eurostat report, energy costs contributed significantly to the unwanted rise.


The eurozone is struggling with the rising cost of energy, as Russian sanctions have dealt a heavy blow to the electricity market.


Although electricity data showed the highest rate at 38.3%, it was down from 39.6% in July.


The CPI data of 9.1% marks the ninth consecutive rise in the inflation rate in the Eurozone.


March CPI data rose to 7.44%, a scary jump from the 5.87% rate recorded in February.


The increase has continued since then.


The European Central Bank raised the interest rate by 50 basis points in July.


The move was an attempt to combat the seemingly persistent increase in the rate of inflation.


With a rate of 9.1% in August - 9% higher than expected - the Eurozone will expect another sharp interest rate hike on September 8th.

Stock and Cryptocurrency Markets Struggling to Survive:

The global financial market conditions contributed to the high inflation rate.


The euro fell below the dollar to trade at a 20-year low of $0.9910 on August 23.


The stock and cryptocurrency markets have been struggling for survival lately.


The ominous comments from Federal Reserve Chairman Jerome Powell on August 26 made matters worse.


After the warning of higher interest rates, the stock and cryptocurrency markets collapsed further after the statement.


Cryptocurrency markets fell in particular over the weekend, reaching their lowest point in August.


Despite this, the markets are currently fighting a good fight, with small gains posted on Tuesday.


The largest cryptocurrency is currently trading at $20125 at the time of writing this article.


This value is one of the lowest prices I reached in August.


Ethereum is down 2% in the past 24 hours and is now trading at $1,586.

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