While Wall Street and the stock exchange corridors echoed the latest inflation data, the world of cryptocurrencies was not left aside. The numbers released last Thursday triggered visible reactions in both markets.
The Consumer Price Index (CPI) report stole the attention of many investors. With an increase of 3.7% compared to September last year, it coincided with the August index. Even though this inflation has remained stable, its accelerated pace was somewhat unexpected for many economists. In monthly terms, the index rose 0.4%.
Wall Street, after the almost stable opening, felt the weight of these data and decided to take a cautious path. The Dow Jones Industrial Average fell 0.36%, while the S&P 500 fell 0.21%. On the other hand, the Nasdaq Composite showed its resilient nature with an increase of 0.14%.
Minutes from the latest Federal Reserve meeting revealed that although many policymakers anticipate a rise in interest rates this year, they continue to emphasize that their decisions will be based on constantly evolving economic data.
In the cryptocurrency market, the scenario also had its ups and downs. Bitcoin, the market’s main digital currency, tried to maintain its position above US$26,650. At the time of publication, the price of BTC was quoted at US$26,700.20, down 1.5% in the last 24 hours. A close below $26,650 could signal a drop towards $25,500.
In parallel, major altcoins also experienced headwinds. Ethereum (ETH) failed to overcome the $1,550 resistance. XRP lost ground, falling below $0.48, while ADA struggles to sustain above $0.24.
Featured Cryptos Today
- Frax Share (FXS) Priced at US$5.78 up 6.7%
- Cronos (CRO) quoted at US$0.050964 with an increase of 3.6%
- Kaspa (KAS) listed at US$ 0.04332212 up 2.8%
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