Crypto smashed, richest Americans lose billions

Inflation is still white hot in the United States.
Annual consumer price inflation (CPI) slowed slightly in August to 8.3 per cent from 8.5 per cent in July, the Labor Department said in a highly anticipated report that the Federal Reserve is watching closely.
However, CPI rose 0.1 per cent on a monthly comparison in August, after holding flat in July, according to government data Tuesday, a disappointing result amid widespread expectations that inflation would fall in the month. $S&P 500 Index(.SPX.US)$ $Invesco QQQ Trust(QQQ.US)$ $Nasdaq Composite Index(.IXIC.US)$ $Dow Jones Industrial Average(.DJI.US)$

America’s richest people lost billions as a result, with $Amazon(AMZN.US)$ Jeff Bezos’s wealth plunging by $US9.8 billion and $Tesla(TSLA.US)$ Elon Musk’s net worth dropping by $US8.4 billion.
The wealth of $Meta Platforms(META.US)$ 's Mark Zuckerberg, Larry Page, Sergey Brin and Steve Ballmer all declined by more than $US4 billion, while Warren Buffett and Bill Gates lost $US3.4 billion and $US2.8 billion respectively.
The price of $Bitcoin(BTC.CC)$ was also battered, dropping 7.34 per cent to $30,113 (US$20,161). The crypto is down 41 per cent for the past six months.
The price of $Ethereum(ETH.CC)$ plunged 4 per cent to $2389 and has shed 30 per cent this year.