The total crypto market capitalization had slumped below $700 billion after a pretty long time. Meanwhile, the Bitcoin & Ethereum price dropped below $17,000 and $1250 respectively, dragging the entire crypto space under the bearish clouds. Litecoin was displaying some strength but as the trade proceeded ahead, the price also dropped significantly.
However, the coming week is expected to be highly volatile for the entire crypto space as 2 important events are lined-up. The CPI index with is also called the inflation rate is to be rolled out and the US’s FED is all set to conduct its last meeting of 2022 to decide upon the expected 50 bps hike.
Bitcoin price is currently trading at $16,925.38 with a drop of 2.4% in the past 24 hours while Ethereum is at $1246 by plunging 2.22% at the same time. No tokens appear to have been spared as they open the fresh weekly trade on a bearish note.
Considering the top 10, Dogecoin witnessed a gigantic fall of more than 9%, tanking from $0.0965 to $0.0849 and presently trading at $0.0883. The rest of the altcoins like XRP, BNB, ADA, SOL, DOT, etc have plunged by an average of 2.5% compared to the previous day’s close.
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The US Stockmarket closed the previous week on a bearish note as S&P 500 Index & the Nasdaq Composite Index both lost nearly 0.7% while, Dow Jones Industrial Average lost 0.9%, recording a weekly loss of 2.8%. Along with this, the wholesale prices in the US have surged over 7.4% in the past year, and 0.3% in November.
Moreover, the markets are eagerly waiting for the fresh CPI rates and the new interest rates which may have a larger impact on stocks and the crypto space. The current state of the US inflation stands at a 40-year high and hence the FED has assured of stringent action to curb the rising levels.
Therefore, a massive movement within the crypto space is much speculated on coming Thursday, as the tokens could undergo a larger move.
I have been informed by reliable sources that there is a MASSIVE move coming in the crypto market by Thursday.
Don’t say I didn’t warn you.
— Altcoin Gordon (@AltcoinGordon) December 11, 2022
The FED has been constantly increasing the interest rates in the past 6 months and also signaled that the rates may even break higher records soon.
The rise in the interest rates and the CPI rates have been slightly bullish but with a drop in the stock market, the crypto space also witnessed a fine drop. Therefore, with the speculated 0.5% rise in the interest rates, the popular coins are believed to undertake a slight upswing but are primed to drop significantly.
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