Bitcoin, Ethereum, Dogecoin Fall Amid Inflation Worries: Analyst Says If Apex Coin Was Superman Then Fed Tightening Is Its Kryptonite
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a slight decline amid inflation concerns and the Federal Reserve's continuous rate increases. The global crypto market capitalization decreased by 1.32% to $1.14 trillion. Analysts suggest that the Fed's tightening and hot labor data may keep Bitcoin trapped in the lower boundaries of its trading range.
June 01, 2023 | 2:52 am
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Bitcoin's price fell 2.26% to $27,079 amid inflation concerns and the Federal Reserve's continuous rate increases, potentially keeping it trapped in the lower boundaries of its trading range.
The article states that Bitcoin's price fell due to inflation concerns and the Federal Reserve's continuous rate increases. Analysts suggest that these factors may keep Bitcoin trapped in the lower boundaries of its trading range, indicating a negative short-term impact on its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price declined 1.25% to $0.071 amid inflation concerns and the Federal Reserve's continuous rate increases, potentially affecting its short-term price movement.
The article states that Dogecoin's price fell due to inflation concerns and the Federal Reserve's continuous rate increases. These factors may have a negative short-term impact on Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Ethereum's price dropped 1.17% to $1,874 amid inflation concerns and the Federal Reserve's continuous rate increases, potentially affecting its short-term price movement.
The article states that Ethereum's price fell due to inflation concerns and the Federal Reserve's continuous rate increases. These factors may have a negative short-term impact on Ethereum's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100