Bitcoin, Ethereum, Dogecoin Trade Mixed Amid An Inflation Spike: Analyst Predicts 'Bizarre' Crypto Market
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies traded mixed on Thursday evening as the Consumer Price Index (CPI) for September experienced a 0.4% increase, surpassing economist estimates of 0.3%. This reflects inflationary pressure on the economy. Stocks experienced a decline due to concerns over rising Treasury yields and ongoing U.S. inflation. The S&P 500 and Nasdaq Composite both dropped, marking the end of a four-day winning streak for the major indexes. Crypto analysts predict a 'bizarre' market with Bitcoin lacking strength and altcoins not budging despite Bitcoin's downward move.
October 13, 2023 | 2:57 am
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NEUTRAL IMPACT
Dogecoin traded mixed amid inflation spike. Analysts note that altcoins are not budging despite Bitcoin's downward move.
Dogecoin traded mixed amid the inflation spike. Analysts' observation that altcoins are not budging despite Bitcoin's downward move could potentially influence Dogecoin's price, but the overall impact is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Ethereum traded mixed amid inflation spike. The rate of Ethereum discussions on various platforms has significantly increased since late September.
While Ethereum traded mixed amid the inflation spike, the increased rate of Ethereum discussions on various platforms could potentially influence its price. However, the overall impact is uncertain.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Bitcoin traded mixed amid inflation spike. Analysts predict a lack of strength and potential testing of lower levels before a reversal.
The news of inflation spike and the prediction of crypto analysts about Bitcoin's lack of strength and potential testing of lower levels could negatively impact Bitcoin's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100