Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of CPI Data: Analyst Sounds 'Mayday' After Crypto Market Slips Below This Key Indicator
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies traded mixed on Monday evening after the SEC filed lawsuits against Binance and Coinbase. Investors are now focusing on the upcoming May CPI release and the Federal Reserve's interest rate decision. Crypto market capitalization has fallen below key indicators, signaling potential further downward momentum.
June 13, 2023 | 2:59 am
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NEGATIVE IMPACT
Bitcoin remains heavy as regulatory fears and key exchange abandonment weigh on the market. Key support at $25,400 region ahead of CPI report and Fed decision.
The SEC lawsuits against Binance and Coinbase have created uncertainty in the market, and the upcoming May CPI release and Federal Reserve's interest rate decision could further impact Bitcoin's price. The crypto market capitalization falling below key indicators signals potential further downward momentum.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin faces similar challenges as other major cryptocurrencies with regulatory fears and key exchange abandonment. The upcoming May CPI release and Federal Reserve's interest rate decision could impact Dogecoin's price.
The SEC lawsuits against Binance and Coinbase have created uncertainty in the market, and the upcoming May CPI release and Federal Reserve's interest rate decision could further impact Dogecoin's price. The crypto market capitalization falling below key indicators signals potential further downward momentum.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum faces similar challenges as Bitcoin with regulatory fears and key exchange abandonment. The upcoming May CPI release and Federal Reserve's interest rate decision could impact Ethereum's price.
The SEC lawsuits against Binance and Coinbase have created uncertainty in the market, and the upcoming May CPI release and Federal Reserve's interest rate decision could further impact Ethereum's price. The crypto market capitalization falling below key indicators signals potential further downward momentum.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100