‘Uptober’ remained elusive as leading cryptocurrencies stagnated after hotter-than-expected inflation data poured cold water on expectations of further interest rate cuts by the Federal Reserve.
Cryptocurrency
Gains +/-
Price (Recorded at 9:15 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-0.75%
$60,135.24
Ethereum (CRYPTO: ETH)
+0.75%
$2,382.33
Dogecoin (CRYPTO: DOGE)
-1.37%
$0.106
What Happened: Bitcoin slipped below $58,000 during trading hours before nearly recouping all the losses overnight. The world’s largest cryptocurrency was down 1.16% over the week and 8% since the beginning of October—a month that on average has yielded over 20% returns for King Crypto.
The hotter-than-expected September’s consumer price index data, coupled with higher-than-expected weekly jobless claims, likely influenced the markets.
Traders priced in 86% odds of the Fed slashing the interest rates by a further 0.25% during November’s FOMC meeting, according to the CME FedWatch tool.
Ethereum remained choppy as well, barely changing in the last 24 hours. Over the last week, however, the second-largest cryptocurrency eked out gains of 1.14%.
Cryptocurrency liquidations exceeded $194 million in …
Full story available on Benzinga.com