It’s been another eventful week in the financial markets, with all eyes on inflation data from the CPI and PPI measures released on Wednesday and Thursday. The readings were quite bearish for the crypto market, but we’ll get to that a little later.
The leading cryptocurrency was already feeling increasing selling pressure after being repeatedly rejected at the key resistance level of $87,000 in recent weeks. As noted in our previous market update from last Friday, BTC rose from $86,600 to $80,400 in a matter of days. However, it had regained some ground and was trading at around $83,000 at press time.
The weekend was less eventful than usual, with BTC remaining between $82,000 and $83,000. It attempted a deeper rally on Monday, but was stopped at $84,000. The decline that followed was immediate and painful, with bitcoin falling to $81,000. However, the volatility continued in the opposite direction and BTC quickly recovered $84,000.
Then came the CPI figure for September, which was slightly higher than expected. The cryptocurrency reacted with an immediate decline to $82,000 ahead of Thursday’s PPI reading, which showed the largest monthly increase in more than four years, brought it to its knees. The asset fell below $80,000 for the first time in about a month.
Bitcoin attempted to rebound immediately and approached $83,000 earlier today, but was stopped and pushed south to $81,500 at press time. This translates to a weekly decline of 1%, which is not as painful as some altcoins, such as XRP, SOL, HYPE, RAIN, and QNT. In contrast, NEAR has climbed almost 10% since last Friday, while BTW is up 23%.
Market data
Market capitalization: T$2,860,000 | 24H Flight: $84 billion | BTC dominance: 57.6%
BTC: $81,430 (-1%) | ETH: $2,440 (-1%) | XRP: $1.32 (-3.4%)
This week’s crypto headlines not to be missed
Fed Chairman Warsh’s Bangkok Speech: 4 Key Takeaways and What They Mean for Bitcoin. After the strong inflation figures, Fed Chairman Kevin Warsh spoke earlier in the day at the annual IMF-World Bank meeting in Bangkok, and markets were expecting a major hint on the central bank’s next rate hike. However, he refused to say whether the Fed would actually raise rates in two weeks.
Why did Bitcoin suddenly fall to $80,000? Inflation was only part of the larger story behind BTC’s major crash to $80,000 on Thursday. Other reasons include the massive collapse of the Nikkei and KOSPI, as well as substantial ETF outflows.
XRP arrives on Wall Street: here is the performance of Evernorth’s XRPN during its debut. Evernorth’s merger with Armada Acquisition Corp II was a success and the brainchild’s XRPN stock hit Wall Street on October 12, priced between $19 and $17 before closing below the lower limit.
Ledger confirms hardware implementation as reports of falsified wallets spread in Europe. A leading hardware wallet manufacturer has confirmed that an unauthorized implant was found in a wallet linked to a theft of more than $80 million in crypto. Additionally, other reports claim that the problem has spread to Europe, not just Southeast Asia as initially thought.
Strive Adds 3,311 BTC in Another Massive Bitcoin Buy. The Strive CEO announced some large BTC purchases on Tuesday and Wednesday. The company initially added 3,311 units before acquire Additional 2,822 BTC for $235 million. Strategy also extended its buying streak, but with a more modest purchase of $21 million.
Bitcoin could jump 50% if developers agree on quantum plan: Capriole CEO. The quantum threat is back on the map, but Capriole Investments CEO Charles Edwards believes the price of BTC could rise sharply if developers agree on a roadmap to protect the blockchain against such computers.
Graphics
This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.
The post Bitcoin Falls to Monthly Low on Hot Inflation Data and Warsh Commentary: Weekly Crypto Recap appeared first on CryptoPotato.
About the Author
