Bitcoin, Ethereum, Dogecoin Edge Lower As Inflation Fears Grip Investors: Less And Less Of King Crypto Available For Masses, An 'Enormous' Bull Market Inevitable, Says Analyst
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, edged lower due to inflation fears. Bitcoin's supply on exchanges is shrinking, potentially leading to a future bull market. Ethereum's spot ETFs are seen as a bullish trigger. The stock market also dipped due to rising treasury yields.
May 30, 2024 | 2:15 am
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NEGATIVE IMPACT
Bitcoin's price dipped 1.03% amid inflation fears, with a significant drop in futures open interest. Analysts predict a future bull market due to shrinking supply on exchanges.
Bitcoin's price drop is driven by inflation fears and a decrease in futures open interest. However, the shrinking supply on exchanges is seen as a bullish indicator for the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin's price dipped 0.59% amid broader market declines driven by inflation fears.
Dogecoin's price drop is part of a broader market decline driven by inflation fears, with no specific bullish triggers mentioned.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Ethereum's price fell 1.95%, reversing gains from last week's spot ETF hype. Analysts see the listing of Ethereum ETFs as a major bullish trigger.
Ethereum's price drop is due to inflation fears and a significant decline in futures open interest. However, the listing of Ethereum ETFs is expected to be a bullish trigger.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100