Bitcoin Falls Below $37,000 Following PCE Data; Sei, Stacks Among Top Losers
Portfolio Pulse from Lisa Levin
Bitcoin and Ethereum experienced losses, with Bitcoin falling below the $38,000 threshold and Ethereum staying above $2,000. The U.S. personal consumption expenditure price index was flat month-over-month in October, with annual core PCE inflation easing to 3.5%. The global crypto market cap declined by 0.7% over 24 hours. IOTA was the top gainer, while Sei was the biggest loser among cryptocurrencies.
November 30, 2023 | 2:33 pm
News sentiment analysis
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NEGATIVE IMPACT
Bitcoin fell below the key $38,000 level following the release of U.S. PCE data, indicating a potential negative sentiment among investors.
Bitcoin's price movement is often sensitive to economic indicators that influence investor sentiment. The flat PCE data may be interpreted as a sign of economic stagnation, potentially reducing investor appetite for riskier assets like cryptocurrencies.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Ethereum recorded losses but remained above the $2,000 mark, which may indicate a more resilient sentiment compared to Bitcoin.
Ethereum's ability to stay above the $2,000 level despite overall market losses suggests a certain level of support for the asset. However, the broader market decline could still exert downward pressure.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70