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Cryptocurrency News Articles
Bitcoin, Ethereum Slip as High Inflation Worries and Potential Government Liquidation Weigh on Market
Oct 14, 2024 at 09:53 am
What Happened: Bitcoin fell below $63,000, reaching a low of $62,045 in the early hours before recovering in the evening.
Major cryptocurrencies slipped Sunday evening as concerns over high inflation and the U.S. government's potential Bitcoin (CRYPTO: BTC) liquidation loomed over the market.
What Happened: Bitcoin traded below the $63,000 mark, slipping to a low of $62,045 in the early hours before recovering in the evening.
Ethereum (CRYPTO: ETH) wobbled in the $2,400 region as the bulls faced strong resistance in their attempt to breach the $2,500 level.
Ethereum's year-to-date gains narrowed to 7.77%, owing to a multi-month downtrend since hitting nearly $3,900 in late May.
Top cryptocurrency's market cap stood at $2.19 trillion, after contracting 0.89% in the last 24 hours.
Stock futures traded just below the flatline Sunday overnight. The Dow Jones Industrial Average Futures were down 11 points, or 0.03%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 slipped 0.08%, while Nasdaq 100 Futures lost 0.16%.
Major indices like the Dow and the S&P 500 recovered Friday after Thursday's decline precipitated by hotter-than-expected inflation data.
That said, the likelihood of a further 0.25% interest rate slash by the Federal Reserve next month was nearly 90% as of this writing, according to the CME FedWatch tool.
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