Bitcoin, Ethereum, Dogecoin Muffled After September Inflation Dampens Rate Cut Outlook: Analyst Warns Of 'Downside Deviation' If King Crypto Loses This Support
Portfolio Pulse from Aniket Verma
Cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced stagnation following hotter-than-expected inflation data, which dampened expectations for further interest rate cuts by the Federal Reserve. Bitcoin's price fell below $58,000 but recovered slightly, while Ethereum remained stable. The market sentiment shifted to 'Fear', raising concerns of further downside.
October 11, 2024 | 2:38 am
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NEGATIVE IMPACT
Bitcoin's price fell below $58,000 due to hotter-than-expected inflation data, impacting market sentiment and raising fears of further downside.
The inflation data has dampened expectations for interest rate cuts, negatively impacting Bitcoin's price. The market sentiment has shifted to 'Fear', indicating potential further downside.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin's price decreased by 1.37% amid broader market concerns following inflation data.
Dogecoin's price decrease is part of the broader market reaction to inflation data, which has affected investor sentiment negatively.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Ethereum remained stable despite the inflation data, with slight weekly gains. However, market sentiment is cautious.
Ethereum's price has not been significantly impacted by the inflation data, but the overall market sentiment is cautious, which could affect future price movements.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70