“Traders Said the Current Bearish Sentiment Could Be Overblown and Macroconomic Decisions Were Key to Support Market Growth.”, – WRITE: www.coindesk.com
Solana’s Sol Fell 14%-Bringing 7-Day Losses to Over 20%-While Dogecoin (Doge), XRP (XRP) and Eth (ETH) Fell More than 8%. Bitcoin Lost the $ 92,000 Level for the FIRST TIME SINCE LATE November, Threatening A Potential Downside Break of the Multi-Week Consolidation Between $ 90,000 and $ 110,000
Overall Market Capitalization Fell 6.6%, While The Broad-Based Coindesk 20 (CD20), A LIQUID INDEX TRAKING THE LARGEST TOKENS, DROPped More than 7%.
Traders Said the Current Bearish Sentiment Could Be Overblown and Macroconomic Decisions Were Key to Support Market Growth.
“Bitcoin, Ethereum, and Solana Shouldn’t be Trading this Far BeaLow Their All Time Highs,” Jeff Mei, Coo at Crypto Exchange BTSE, SAID IN A Telegram Message. “On the US Side, Inflation Concerns and A Pause in Fed Rate Cuts Have Kept Markets Down, But This Could Change As Weak Economic Data Released Last Week Could Spr.
Augustine Fan, Head of Insights at Signalplus, Mirrored The Sentiment: “The ‘Slowdown’ Narrative Will Likely Dominate The Narrative in The Near Term, with Stacks and Bonods and Bonods and Bonods and BONDS TRADS Nearing the Highs of the Past 12 MONHS. ”
Fan explained that “bad data is now” once again, as markets refocus their Attention on fed eases, and Provide tailwinds to bot gold and btc in the near Future.
Data Released Early This Month Showed, The Widly-Watched Consumer Price Index (CPI) Surged 0.5% MONTH-OVER-MONTH IN JANUARY Risk-Off Bets Until Clear Signs of A Government Intervention to Boost the Economy.
The US CPI Measures the AVERAGE CHANGE OVER TIME IN THE PRICES PAID by Urban Consumers for a Market Basket of Consumer Goods and Services. Changes in CPI Readings Tend to Impact Bitcoin, and The Broader Crypto Market, As Investors View the Asset Class As A Hedge Against Inflation.
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