CPI - Bitcoin Ethereum Dogecoin Decline Shrugging Off US Inflation Data: Analyst Says Over 15 BTC Whales Dump Massive Holdings | Benzinga
The cryptocurrency market experienced a significant decline on Tuesday evening, despite a generally supportive environment for risk assets. This came on the heels of a cooler-than-expected October inflation reading, which led to a surge in stock prices and a substantial drop in bond yields.
What Happened: October’s U.S. inflation data surpassed expectations, as the headline Consumer Price Index (CPI) remained flat for the month, defying economist forecasts of a 0.1% increase. Meanwhile, the core rate experienced a modest rise of just 0.2%, outperforming predictions for a 0.3% increase.
On a year-over-year basis, CPI increased by 3.2%, slightly lower than expectations of 3.3% and September’s 3.7%.
Despite a consistent decline in headline CPI inflation over the past few months, it has remained above the U.S. Federal Reserve’s target of 2%. Moreover, the persistently high core rate has remained above 4% for several consecutive months. This has led to suggestions from Fed members that there may be one more interest rate hike before concluding the ongoing monetary tightening cycle, which has lasted for approximately 20 months.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitget Token +13.10% $0.54
Maker +5.19% $1,376
Frax Share +5.04% $7.27
The global crypto market ...