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Leading cryptocurrencies dropped further on Thursday after hotter-than-expected producer inflation trimmed investors’ risk appetite.
Crypto Slide Continues
Bitcoindipped below $77,000 as selling pressure accelerated. Ethereummeandered in the $2,400 region, with volume spiking 10% over the last 24 hours.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 3.12% and 0.04%, respectively.
Over $450 million was liquidated from the cryptocurrency market in the last 24 hours, with $359 million in bullish long positions alone evaporated, accordingto Coinglass data.
Bitcoin’s open interest fell 0.47% over the last 24 hours and more than 8% over the week. “Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.66 trillion after a decline of 1.37% in the past 24 hours.
Stocks Close Lower for 3rd Straight Session
Stocks extended the decline on Thursday. The Dow Jones Industrial Average shed 405.41 points, or 0.77%, to end at 52,380.66.The S&P 500 closed 0.48% lower at 7,636.36, while the tech-focused Nasdaq Composite dropped 0.64% to close at 26,253.34.
Producer prices rose 5.4% year-over-year in August, versus the 5.3% rate economists expected and accelerating from July’s 4.8% reading.
The hotter-than-expected print raised the odds of a rate cut at next week’s Fed meeting from 61% to 72% within 24 hours, accordingto the CME FedWatch tool.
More Losses for Late BTC Buyers?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, suggested that Bitcoin may not be the “biggest runner” for now, with more momentum expected in Ethereum.
He added that it’s a matter of time before ETH rises over $3,000.
On-chain analytics firm CryptoQuant noted that retail’s “Greed” sentiment is being “surgically used” as exit liquidity
“Whales and algorithms needed this euphoria to offload their lots, distributing coins onto the heads of late buyers,” the firm added.
CryptoQuant anticipated more corrections for those who bought the top.
Photo Courtesy: PJ McDonnell on .com
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