Bitcoin, Ethereum, Dogecoin Decline Shrugging Off US Inflation Data: Analyst Says Over 15 BTC Whales Dump Massive Holdings
Portfolio Pulse from Mehab Qureshi
Despite positive U.S. inflation data suggesting a supportive environment for risk assets, cryptocurrencies including Bitcoin, Ethereum, and Dogecoin declined. The U.S. CPI data showed a year-over-year increase of 3.2%, with the core rate above 4%. The stock market surged with the Dow Jones, S&P 500, and Nasdaq posting significant gains. Analysts noted Bitcoin is seeking support and may strengthen, while over 15 Bitcoin whales have sold or redistributed holdings as prices rose. Ethereum's fees have increased with its price surge but remain lower than May's average levels.
November 15, 2023 | 3:09 am
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NEGATIVE IMPACT
Bitcoin declined by 2.65% to $35,470 despite favorable inflation data, with over 15 whales selling or redistributing holdings, potentially indicating a bearish sentiment in the short term.
The sell-off by Bitcoin whales could indicate a lack of confidence in the short-term price stability of Bitcoin, leading to a potential decrease in its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin's price decreased by 2.35% to $0.072, aligning with the broader crypto market downturn despite the positive macroeconomic data.
Dogecoin's decline is part of a wider cryptocurrency market trend, which seems to be shrugging off the positive inflation data, potentially leading to a short-term negative impact on its price.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Ethereum fell by 3.93% to $1,972, and while fees have increased due to higher network utility, they remain lower than historical highs, suggesting mixed signals for short-term price action.
The increase in Ethereum's transaction fees due to higher network utility could be seen as a positive sign, but the overall market decline may temper short-term price expectations.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80