Why are crypto prices at risk of declining today?
– July’s annual inflation rate is projected to surge, stirring concerns among crypto investors.
– Annual inflation in the US has been continuously declining after the Fed’s rate-hiking campaign.
– Latest market expectations point to a possible uptick in the annual inflation rate from 3% in June to 3.3% in July.
– If these forecasts materialize, the likelihood of an additional rate hike would rise substantially, impacting both cryptocurrencies and the stock market.
– Most major cryptocurrencies are currently in the red over the past 24 hours.
Crypto prices ahead of CPI report
– Bitcoin (BTC) fell more than 1% on the day, Ethereum (ETH) lost around 0.6%, and Binance Coin (BNB) slipped 1.3%.
– XRP (XRP) is leading the losses, declining 2.3% on the 24-hour chart.
– Dogecoin (DOGE), Cardano (ADA), and Solana (SOL) are down 0.14%, 0.35%, and 1.08%, respectively.
– The potential for scope expansion of declines remains, depending on the forthcoming CPI data.
– If the CPI data reveals an inflation surge of 3.3% or beyond for July, it could trigger a defensive reaction from investors and amplify current losses.
Hot Take
The projected surge in July’s inflation rate raises concerns for crypto investors, as it could lead to further rate hikes and impact both cryptocurrencies and the stock market. The current declines in major cryptocurrencies may expand depending on the forthcoming CPI data, which will determine the extent of investor reaction. Crypto prices are at risk of declining in light of these inflation concerns.
By
By
By
By
