Despite the welcome inflation data for October, the cryptocurrency market suffered one of the most severe blows in weeks on Tuesday.November 14th Bitcoin Price (CoinDesk)After the Consumer Price Index (CPI) remained flat with expectations for a slight increase in October, Bitcoin (BTC) briefly fell to $34970 in the afternoon from around $36600 in the morning
Despite the welcome inflation data for October, the cryptocurrency market suffered one of the most severe blows in weeks on Tuesday.
November 14th Bitcoin Price (CoinDesk)
After the Consumer Price Index (CPI) remained flat with expectations for a slight increase in October, Bitcoin (BTC) briefly fell to $34970 in the afternoon from around $36600 in the morning. As of the time of publication,BitcoinThe recent change of hands price is $35300,Over the past 24 hours, it has fallen by 3.7%.
Ethereum (ETH) fell nearly 6% during the same period,Falling below the $2000 level recovered last week, this is the first time the BlackRock spot ETH exchange traded fund (ETF) has recovered since its filing in July.
Large markets such as Dogcoin (DOGE), Polygon (MATIC), and Tron's TRON native tokensThe counterfeit currency fell by 6% -7% on the same day.
CoinDesk Market Index (CMI)Covering nearly 200 cryptocurrencies,4.5% decreaseHighlighting the losses of the entire market.
Bitcoin
At the same time, traditional markets believe that the Federal Reserve has now completed raising interest rates and may indeed lower them in the first half of 2024. In late Tuesday trading, the Nasdaq index rose 2.3% (now up over 10% in November), while the S&P 500 index rose 1.8%.
The trend of bond market was more intense, with the yield of 10-year treasury bond bonds plummeting by 20 basis points to 4.44%. Just three weeks ago, panic actions led to yields breaking through 5% for the first time in 16 years. The US dollar followed closely, with the DXY index plummeting by 1.55%.
Investment management company Grayscale stated in a report on Tuesday that despite poor performance in the cryptocurrency market today, slowing inflation and declining bond yields may support prices.(Grayscale and CoinDesk share the same parent company, DigitalMoneyGroup.)
The report states:We believe that if real interest rates reach their peak and we continue to see progress in the approval of spot ETFs in the US market, cryptocurrency valuations may continue to recover
Bitcoin 2
Noelle Acheson, author of the CryptoIsMacroNow newsletter, pointed out in an email that,ETF speculation is currently at the forefront and center, but the notion of value storage is still valid and will provide a resilient and growing bottom line for the asset. I strongly doubt whether the recent sell-off means that the rebound has come to an end
Acheson believed that,This decline is more likely due to sellers locking in profits before SEC spot ETFs may be delayed again.
(SEC) Hashdex Bitcoin ETF
Analysts from K33 Research pointed out in their market report on Tuesday:In this situation, the momentum of the cryptocurrency market may slow down as it may take several weeks to wait for significant news related to ETFs
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