The latest price moves in crypto markets in context for Oct. 10, 2024.
Bitcoin price fell Thursday morning in Asia, continuing to trade below $62,000 after returning to the level following a dip to as low as $60,300 late on Wednesday. The broader crypto market fell 2%, as measured by the CoinDesk 20 Index.
The U.S. consumer price index (CPI) report for September is due later in the day, with economists polled by Trading Economics expecting to see an increase of 0.1% month-on-month and 2.3% year-on-year. Hotter-than-expected prints could strengthen calls to stop interest-rate cuts, which would likely put pressure on risk assets like cryptocurrencies.
Minutes from the September Federal Reserve meeting, released Wednesday, showed that policymakers were split on how aggressive the central bank should be in cutting interest rates. "A substantial majority of participants" favored cutting the rate by half a percentage point, although some expressed misgivings about going that large, according to the minutes.
"Crypto sentiment has moved back into the fear zone (39), reinforcing the contrast with 72 (greed) in equities," said Alex Kuptsikevich, senior analyst at FxPro, in a Telegram chat. "This dynamic is easily explained by the appreciation of the dollar and the increased attractiveness of bonds, which reduces institutional traction in bitcoin." The dollar index (DXY) rose to 102.97, which was the highest since Aug. 16, taking the cumulative gain since the Sept. 30 low of 100.18 to 2.7%, according to data from TradingView.
Ether ETFs in the U.S. registered zero flows in either direction on Wednesday, according to data compiled by SoSoValue. This marked the second time this week that the funds have seen no activity and the third time since they listed in July. That leaves net outflows since their debut at $562 million, contrasting sharply with their bitcoin counterparts, which have drawn net inflows of nearly $19 billion since January. Bitcoin ETFs saw outflows of over $30.5 million on Wednesday. It was a fairly muted day for them too, with nine of the 11 funds registering zero flows in either direction.
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