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The entire cryptocurrency market was painted red. Several assets, including Bitcoin (BTC), recorded a major fall over the past 24 hours. The world’s largest cryptocurrency recently hit an all-time high of $108,268.45. But BTC was trading 6.63% below this peak during press time. Sadly, the asset dipped below the coveted $100,000 mark and was trading at a low of $98,792. But what is the reason behind this notable correction? Also Read: Amazon Stock Rises as AMZN Plans $10B AI Investment Bitcoin’s Current State Source: CoinMarketCap At the time of writing, Bitcoin was trading at $100,997.17. This is after the asset witnessed a nearly 3% decrease in price over the past 24 hours. The king coin recorded a bullish month as the asset went from being priced at a low of $91,000 all the way to its all-time high of $108,268.45. Along with its price, the market cap of the king coin also dipped. Yet, Bitcoin continues to remain the world’s largest cryptocurrency, with a market value...

In what is an immensely important development for the US economy, the latest Consumer Price Index report shows that inflation fell to 2.5% in August 2024. The development is massively important to the Federal Reserve, as they look to issue their first interest rate cuts in more than four weeks. The expectation is that those cuts will come as early as next week. Although the inflation data is still above the Fed’s 2% target, circumstances have pushed cuts ahead of schedule. Currently, the CME Group FedWatch tool predicts a 71% chance of a 25 basis point cut during the next FOMC meeting on September 17th. BREAKING: US inflation falls to 2.5%, lower than expectations. — Watcher.Guru (@WatcherGuru) September 11, 2024 Also Read: US Economy Is Slowing Down, Showing Signs Of A Possible Decay US Inflation Falls Below Expectations for August 2024 The United States economy has long been languishing in a state of fragility. Following the continued pandemic recovery, the Federal Reserv...

Ethereum price has bounced back in the past two days. Franklin Resources became the other company to file for a Bitcoin ETF. US published strong consumer inflation numbers. Ethereum price rose for the second straight day even after the US published strong consumer price index (CPI) data. The price jumped to a high of $1,595, a few points above this week’s low of $1,530. In all, the coin has dropped by more than 25% from the highest level this year. Bitcoin ETF applications Ethereum price bounced back after  Franklin Templeton became the first big financial services company to file for a spot Bitcoin ETF. The other major Wall Street firms that have done that are Blackrock, Invesco, Ark Invest, and Fidelity. Analysts believe that these companies have a higher chance of gaining the approval of launching these funds. For one, these companies have put in place strict surveillance clauses to prevent market manipulation. Most importantly, t...

BTC price action may have taken a serious hit last week, but not every class of Bitcoin investor is dashing to the exit. Bitcoin (BTC) starts a new week in a precarious position after seeing its most extensive losses since November 2022. In a major comedown from ten-month highs, BTC/USD lost around 10% before the weekly candle finally closed. At around $27,600, the culmination of a grim few days for long traders means that BTC/USD is now caught battling for last month’s support. Market participants are in two minds as to how the situation might play out — some are betting on deeper downside, while others remain confident of retesting those multi-month highs. Catalysts may come in the form of United States macroeconomic data releases later in the week, while markets are also gearing up for the next Federal Reserve interest rate decision. With the recent correction taking some of the “greed” out of crypto sentiment, can the shock give way to more sustainable upside or is the bull market...

Inflation in the U.S. has gradually been on a decline. The CPI fell to 7.1% in November last year, a number lower than expected. Likewise, it further dropped down to 6.5% in December and 6.4% in January this year. Now, the U.S. Bureau of Labor Statistics has released the much-awaited numbers for February. According to data, inflation dropped to 6%. The figure is exactly in line with the projected median estimate of 6%. BREAKING: US inflation falls to 6%. — Watcher.Guru (@WatcherGuru) March 14, 2023 Will regulators cut some slack? Today’s inflation numbers follow the ripe unemployment rise data that was released last week. Despite adding a slew of jobs in the month of February, the U.S. unemployment rate increased to 3.6%. Nevertheless, the Bureau of Labor Statistics employment summary of the month showed that 311,000 jobs were added last month, massively exceeding expectations by more than 200,000. The latest inflation data release, along with the employment-unemployment data,...

Persistent inflation and a strong labor market create conditions for more Fed rate hikes in 2023, which may push down Bitcoin against the U.S. dollar. Bitcoin (BTC) investors reeling from the shock of recent cryptocurrency company failures and banking issues may face another potential problem: a recovering U.S. dollar. US dollar strength reemerges Notably, the U.S. dollar index (DXY), which tracks the greenback's performance against a basket of top foreign currencies, has risen 4% from its Feb. 3 low of 100.82, amid anticipations that the Federal Reserve will continue raising benchmark rates to cool inflation. Inflation ersists An air of caution remains as fresh U.S. data shows a recession is not yet imminent. That includes the latest jobless claims, which fell 2,000 to a seasonally adjusted 190,000 in the week ending Feb. 25, and stronger consumer spending in January.  Meanwhile, 90% of the U.S. manufacturers surveyed by Bloomberg complained about rising input prices despite the ...

Crypto traders chase after neutral-to-bullish options as Bitcoin price targets $20,000 and the total crypto market cap surges above $900 billion. The total cryptocurrency market capitalization reached its highest level in over two months on Jan. 13 after breaking above the $900 billion mark on Jan. 12. While the 15.5% year-to-date gain sounds promising, the level is still 50% below the $1.88 trillion crypto market cap seen before the Terra-Luna ecosystem collapsed in April 2022. Crypto markets total capitalization, USD. Source: TradingView “Hopeful skepticism” is probably the best description of most investors' sentiment at the moment, especially after the recent struggles of recapturing a $1 trillion market capitalization in early November. That rally to $1 trillion was followed by a 27.6% correction in three days and it invalidated any bullish momentum that traders might have expected. Bitcoin (BTC) has gained 15.7% year-to-date, but a different scenario has emerged for altcoin...