Bitcoin, Ethereum Move Lower Following CPI Data; Cosmos Becomes Top Loser
Portfolio Pulse from Lisa Levin
Bitcoin and Ethereum experienced declines following the release of CPI data, with Bitcoin trading below $37,000 and Ethereum above $2,000. Cosmos was the top loser among cryptocurrencies, while Bitget Token led the gainers. The U.S. annual inflation rate decreased to 3.2% in October, lower than the expected 3.3%. The global crypto market cap dropped by 1.6% to $1.39 trillion. Other notable crypto gainers and losers were also listed, with their respective price changes over the past 24 hours.
November 14, 2023 | 2:38 pm
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NEUTRAL IMPACT
Ethereum recorded losses but remained above the $2,000 mark, which may indicate resilience despite the negative market sentiment.
Ethereum's ability to stay above the $2,000 level despite overall market losses suggests a neutral to potentially positive short-term impact, as it may indicate underlying strength.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Cosmos emerged as the biggest loser with a significant drop, which could lead to a negative short-term impact on its price.
As the top loser in the cryptocurrency market, Cosmos is likely to experience continued selling pressure, leading to a bearish short-term impact on its price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
Bitcoin traded below the $37,000 level following the release of CPI data, indicating a negative short-term impact on its price.
The release of CPI data often impacts investor sentiment and can lead to price volatility in the cryptocurrency market. Bitcoin's drop below a key price level suggests a bearish short-term impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90