Bitcoin has reversed the gains it made since the publication of U.S. July inflation data earlier this month. By godbole17
The leading cryptocurrency by market cap fell over 6% to as low as $21,500, the least since July 27, CoinDesk data show. The biggest single-day percentage decline in a month marked a continuation of the five-day downtrend that began near $25,000. Ether, the native token of Ethereum's blockchain, declined 6% to $1,730, while the likes of SOL, ADA and DOGE suffered double-digit losses, according to CoinDesk data.
Sentiment worsened perhaps due to push back from Federal Reserve against expectations that inflation has peaked and the central bank would slow the pace of interest-rate increases in the U.S. and as well as adopt looser monetary policies in 2023. The minutes of the July Federal Reserve's meetingshowed policymakers discussed the need to keep interest rates at levels that would weigh over the U.S. economic growth.
Bitcoin prices recently climbed to almost $25,000 from $22,800 in hopes that the Fed would cut rates in 2023. Stocks also marked higher with Nasdaq reaching a 3.5-month high of $13,370 on Wednesday. Bond yields, however, have remained resilient in the wake of the Aug. 10 consumer price index data,that bitcoin traders might be wrong in making dovish assumptions. The U.S. 10-year Treasury yield rose to 2.95% today, the highest since July 21, extending the rally from the post-CPI low of 2.63%.
Laurent Kssis, managing director and head of Europe at crypto exchange-traded fund firm Hashdex, said long liquidations in ether have reached levels not seen in two months. Long liquidations refer to forced the unwinding of bullish futures market positions by exchanges on account of margin shortages. Per, $117 million worth of ether long positions were liquidated today, the highest since July 28.
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