Monday, June 5, 2023
No Result
View All Result
Crypeto News
Smarter_way_USA
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos
CRYPTO MARKETCAP
Crypeto News
No Result
View All Result

Bitcoin And Ethereum Wick Down Ahead Of CPI

by crypetonews
September 13, 2022
in Bitcoin
Reading Time: 3 mins read
0 0
A A
0
Home Bitcoin
Share on FacebookShare on Twitter


Volatility has stuck the crypto market as the price of Bitcoin and Ethereum trend to the downside. The two largest cryptocurrencies are reacting negatively and with volatility to the U.S. Consumer Price Index (CPI) print, a metric used to measure inflation.

At the time of writing, Bitcoin (BTC) trades at $21,600 after a rejection north of $22,000 and a 4% loss in the last 24 hours. Ethereum (ETH) trades at $1,640 with a 6% loss over the same period after an aggressive crash from a major resistance area near $1,8000.

Both cryptocurrencies made a sudden move to the downside before the CPI print. Bitcoin quickly dropped to around $21,300 while Ethereum crashed to $1,640, the current price action is filling into those downside moves and hints at a potential further downside for the cryptocurrencies.

BTC’s price sudden move to the downside. Source: BTCUSD Tradingview

CPI Prints Beats Expectations, What Does It Mean For Bitcoin?

The U.S. CPI print came in at 8.3% with a core CPI rising to 6.3%, expectations for the former stood at 8.1%. In other words, the market was expecting inflation to be lower than today’s metrics with the hopes of relief in monetary policy from the U.S. Federal Reserve (Fed).

A low CPI combined with a slowdown in the economy might have provided the financial institution with room to relax on its interest rate hike. However, market participants are pricing in another 75 basis points (bps) hike for the upcoming Federal Open Market Committee (FOMC).

There is a small chance, according to recent market expectations, of a more aggressive from the Fed with a 100-bps hike in interest rates. The current monetary policy of the financial institution has broken havoc across global markets and risk-on assets, such as Bitcoin.

A 100 bps hike might push BTC’s price down into its yearly lows and beyond. Economist and crypto analyst Alex Krüger said the following about the CPI print and its implication on the U.S. Fed monetary policy:

Dreadful core CPI numbers. The 0.3% MoM miss should delay any Fed pivot by at least two months. Shorts should have it easy for a while, BTD can wait.

What Could Prevent Further Losses For Bitcoin And Ethereum

The coming days are bound to see more volatility as the CPI print, market expectations about a hawkish Fed, combined with the upcoming Ethereum “Merge”. The event that will complete this network transition to Proof-of-Stake (PoS), “The Merge” has caused a lot of hype across the crypto market.

A portion of market participants is expecting the Ethereum price to operate under a “buy the rumor, sell the news” event, others expect a breach of the resistance around $2,000, and others expect the price to continue dropping from current levels.

The latter has led to a spike in upside liquidity, as traders continue to short ETH and getting “squeezed” by larger investors. This could provide ETH with the ammunition to reclaim the area around $1,700, as the market heads into “The Merge”.



Source link

Tags: AheadBitcoinCPIethereumWick
Previous Post

Crypto Custody Firm BitGo Files $100M Lawsuit Against Galaxy Digital For Breaching Merger Agreement

Next Post

How can live art be held in museum collections? Tate conference to share its conclusions

Related Posts

Here’s Why LUNC’s Price Could Cross $0.00015 Soon
Bitcoin

Here’s Why LUNC’s Price Could Cross $0.00015 Soon

June 5, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism
Bitcoin

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Coinbase Stock Drops 10% Following SEC’s Suit Against Binance
Bitcoin

Coinbase Stock Drops 10% Following SEC’s Suit Against Binance

June 5, 2023
Germany Launches Innovative Scheme to Boost Carbon-Free Production in Industries
Bitcoin

Germany Launches Innovative Scheme to Boost Carbon-Free Production in Industries

June 5, 2023
VanEck Predicts Ethereum (ETH) To Reach $11,800, Here’s When
Bitcoin

VanEck Predicts Ethereum (ETH) To Reach $11,800, Here’s When

June 5, 2023
We’ve Failed Gen Z, But Bitcoin Offers Hope For The Future
Bitcoin

We’ve Failed Gen Z, But Bitcoin Offers Hope For The Future

June 5, 2023
Next Post
How can live art be held in museum collections? Tate conference to share its conclusions

How can live art be held in museum collections? Tate conference to share its conclusions

Facts & Useful Resources for catching up with The Ethereum : ethereum

Facts & Useful Resources for catching up with The Ethereum : ethereum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Biden administration bans fuel and mineral extraction within ten miles of ancient Pueblo sites in New Mexico
NFT

Biden administration bans fuel and mineral extraction within ten miles of ancient Pueblo sites in New Mexico

by crypetonews
June 2, 2023
0

On Friday (2 June) the US Secretary of the Interior Deb Haaland, a member of the Pueblo of Laguna, announced...

As DigiToads is On Track to Raise $5 Million in Presale, Aave and Polkadot Struggle for New Investors

As DigiToads is On Track to Raise $5 Million in Presale, Aave and Polkadot Struggle for New Investors

June 3, 2023
Wall Street Meme Raises $1 Million In Presale – Next 100x Crypto?

Wall Street Meme Raises $1 Million In Presale – Next 100x Crypto?

May 30, 2023
Preventive maintenance vs. predictive maintenance

Preventive maintenance vs. predictive maintenance

May 31, 2023
Top 3 Presales To Get In Right Now – 25x Potential

Top 3 Presales To Get In Right Now – 25x Potential

May 30, 2023
Pro-Bitcoin Legislation Reigns Victorious In Texas This Year As The Legislative Session Ends

Pro-Bitcoin Legislation Reigns Victorious In Texas This Year As The Legislative Session Ends

May 30, 2023
  • Trending
  • Comments
  • Latest
146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

146 Top Executives Urge Biden to Prevent US Default — Warns of ‘Disastrous Consequences’

May 17, 2023
What is the Erigon Node Consensus Layer?

What is the Erigon Node Consensus Layer?

February 15, 2023
Secured #5: Public Vulnerability Disclosures Update

Secured #5: Public Vulnerability Disclosures Update

May 3, 2023
Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

Exchange Giant Coinbase Adds Custody Support for 14 Ethereum (ETH)-Based Altcoins, Spurring Rallies Up to 20%

October 27, 2022
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial – CoinDesk : ethereum

November 23, 2022
Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

Crypto Whales Spend Millions Buying the Dip on PEPE As Prices Drop: On-Chain Data

May 12, 2023
PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

PEPE Crypto Price News Today – Technical Analysis and Elliott Wave Analysis and Price Prediction!

24
BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

BITCOIN: CRASH TO $24,000 GUARANTEED!?!?!?!? 3 HUGE REASONS!! BTC + Crypto Price Prediction Analysis

20
Ending Logan Paul's Biggest Scam

Ending Logan Paul's Biggest Scam

40
⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

⚠️*HUGEEE*⚠️ IT'S MAKE OR BREAK FOR BITCOIN !⚠️Crypto BTC Price Prediction/Cryptocurrency News Today

24
I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

I ATTENDED A 3 HR 'CRYPTO SCAM' WEBINAR | WFABB iGenius

38
Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

Our INSANE XRP Prediction (CZ & Binance In HOT WATER)

21
Here’s Why LUNC’s Price Could Cross $0.00015 Soon

Here’s Why LUNC’s Price Could Cross $0.00015 Soon

June 5, 2023
Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’

Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’

June 5, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Crypto Advocates Fight To Remove ‘Unlawful’ Sanctions On Tornado Cash

Crypto Advocates Fight To Remove ‘Unlawful’ Sanctions On Tornado Cash

June 5, 2023
Market Outlook #223 – An Altcoin Trader’s Blog

Market Outlook #223 – An Altcoin Trader’s Blog

June 5, 2023
Smithsonian picks architect for $130m Bezos Learning Center on Washington, DC’s National Mall

Smithsonian picks architect for $130m Bezos Learning Center on Washington, DC’s National Mall

June 5, 2023
Crypeto News

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Crypeto News.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

LATEST UPDATES

  • Here’s Why LUNC’s Price Could Cross $0.00015 Soon
  • Optimism $OP ‘Bedrock’ Upgrade to Speed Confirmations, Cut Gas Fees, Set Path to ‘Superchain’
  • Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Blockchain
    • Ethereum
    • Altcoin
    • Mining
    • Crypto Exchanges
  • NFT
  • DeFi
  • Web3
  • Metaverse
  • Analysis
  • Regulations
  • Scam Alert
  • Videos

Copyright © 2022 Crypeto News.
Crypeto News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In