Bitcoin, Ethereum Edge Lower Following PPI Data; GMX Becomes Top Loser
Portfolio Pulse from Lisa Levin
Bitcoin and Ethereum traded lower on Friday, with Bitcoin falling below the $29,500 level and Ethereum trading below the $1,850 mark. This follows the release of U.S. Producer Price Index (PPI) data, which showed a 0.3% increase in July, the biggest rise since January. The global crypto market cap fell to $1.17 trillion, a 24-hour decline of 0.4%. Rocket Pool was the top gainer over the prior 24 hours, while GMX was the biggest loser.
August 11, 2023 | 1:37 pm
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NEGATIVE IMPACT
Bitcoin traded lower, falling below the $29,500 level.
The increase in the U.S. PPI data, which was higher than expected, likely led to a decrease in Bitcoin's price as investors may see this as a sign of potential inflation, which could negatively impact the value of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum traded lower, falling below the $1,850 mark.
The increase in the U.S. PPI data, which was higher than expected, likely led to a decrease in Ethereum's price as investors may see this as a sign of potential inflation, which could negatively impact the value of Ethereum.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100