Bitcoin, Ethereum, Dogecoin Muffled After September Inflation Dampens Rate Cut Outlook: Analyst Warns Of ‘Downside Deviation’ If King Crypto Loses This Support
‘Uptober’ remained elusive as leading cryptocurrencies stagnated after hotter-than-expected inflation data poured cold water on expectations of further interest rate cuts by the Federal Reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.75% | $60,135.24 |
| Ethereum (CRYPTO: ETH) |
+0.75% | $2,382.33 |
| Dogecoin (CRYPTO: DOGE) | -1.37% | $0.106 |
What Happened: Bitcoin slipped below $58,000 during trading hours before nearly recouping all the losses overnight. The world’s largest cryptocurrency was down 1.16% over the week and 8% since the beginning of October—a month that on average has yielded over 20% returns for King Crypto.
The hotter-than-expected September’s consumer price index data, coupled with higher-than-expected weekly jobless claims, likely influenced the markets.
Traders priced in 86% odds of the Fed slashing the interest rates by a further 0.25% during November’s FOMC meeting, according to the CME FedWatch tool.
Ethereum remained choppy as well, barely changing in the last 24 hours. Over the last week, however, the second-largest cryptocurrency eked out gains of 1.14%.
Cryptocurrency liquidations exceeded $194 million in …
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