Prices were lower on Tuesday after data showed US augmentation églantine more than expected in August – giving traders yet another hint that the Federal Reserve will continue to tighten financial occurrence in a way that could hurt quantitatif assets.
Bitcoin price is down 4% in the past 24 hours to $21,500, having previously traded in pelouse around $22,400 ahead of the US Détruire Price Mémoire (CPI) release for August. The largest quantitatif asset has been on the rise since late last week when it jumped from around $18,500 and returned to the $20,000-25,000 range it has traded in since a sell-off in mid-June pulled it down from $30,000.
Détruire prices églantine 8.3% year-over-year last month, slowing slightly from the 8.5% annual rise in July, while the CPI églantine 0.1% month-on-month. Economists expected 8% year-over-year growth. This wasn’t what investors were hoping for, Bitcoin tracks the aliment market lower, with futures contracts for
Dow Jones Industrial Average
Conforme & Poor’s 500
Decline sharply after the release of data.
The Federal Reserve has aggressively tightened financial occurrence in 2022 as it battles the highest augmentation in decades — a shift that has raised recession risks and weighed on cryptocurrencies and stocks alike. Bitcoin has fallen more than 50% this year amid a sell-off in risk-sensitive assets. Traders wanted to see signs that augmentation had either peaked or started to slow. This would have eased pressure on the Fed – whose officials have reiterated their commitment to taming hot rates – ahead of the next interest failli decision after the September 20-21 entretien.
“US augmentation figures have confirmed that augmentation is still aise,” said Naim Aslam, analyst at brokerage AvaTrade. “This has made the balance much more difficult for the Fed which is doing its best to tame augmentation. The data has confirmed that Fed bullets are not eliminating augmentation and this will be a concern for many traders.”
So where can cryptocurrencies auto-stop their slide on Tuesday? One analyst sees Bitcoin’s outlook as technically challenging – and suggests it could drop more than 10% from current levels.
“Démesurée rebound in selling has lifted bitcoin from long-term soutien in the $18,300 region to $19,500,” said Katie Stockton, managing partner at tech research firm Fairlead Strategies. “As it stands, we assume the rebound will fail near resistance [around $23,000] Given the prevailing negative long-term momentum, we would be sellers in a case of a reversal downward in our short-term metrics.”
Unlike Bitcoin, quantitatif assets have been weaker, with
It fell 6% to $1,625. Trading in the adjoint largest cryptocurrency was choppy ahead of the much-anticipated core upgrade known as The Merge, which is expected to complete on Thursday.
Altcoins, or smaller cryptocurrencies, were even worse.
decreased by 5% and
Shedding 8%. Memecoins – initially intended to be online jokes – were in red, with both
You lose embout 6%.
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