What to know:
- Ah, Bitcoin, the ever-elusive beast, now trading at a mere $82,800, down just a smidge from yesterday. 🐉
- Ether, bless its heart, is having a rough day, plummeting 3.5% to $1,880; the ETH/BTC ratio has taken a nosedive of 67% since its glory days in November 2021. 📉
- Traders are holding their breath, waiting for the Fed to cut rates this year, but who knows when that will happen? It’s like waiting for a bus that never comes! 🚌
The crypto world is as flat as a pancake today, as a brief rally following some surprisingly good U.S. inflation data fizzled out faster than a soda left open overnight. 🥤
Bitcoin (BTC) is still hanging around $82,800, down 0.5% in the last 24 hours. Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies, excluding the usual suspects like exchange coins, stablecoins, and those pesky memecoins — has dipped by 0.8%. 📊
Leading the charge downwards is ether (ETH), the underdog of the index, currently down 3.5% to about $1,880. The ETH/BTC ratio is now at a level reminiscent of April 2020, just before the DeFi summer brought us the likes of Uniswap and MakerDao. Oh, how the mighty have fallen! 😅
“Today’s lower-than-expected CPI should be bullish, signaling faster rate cuts, but crypto hasn’t reacted strongly,” quipped Dr. Youwei Yang, Chief Economist at BIT Mining, in an email to CoinDesk. “Weeks of market fear require more than a single good print to regain confidence.” Sounds like a classic case of ‘trust issues’! 💔
“The real issue is Trump’s aggressive tariffs, which risk making inflation stickier while also crashing markets,” Yang added, also mentioning the layoffs initiated by the Department of Government Efficiency (DOGE). “This puts the Fed in a bind: High inflation from tariffs makes rate cuts harder. Market crashes and job losses pressure the Fed to cut rates sooner. Cutting too early could reignite inflation, making future policy tougher.” Talk about a hot potato! 🥔
The market is currently betting that the Federal Reserve will restart rate cuts, perhaps as soon as May or June, with whispers of up to 100 basis points in cuts by October. Fingers crossed! 🤞
U.S. stocks had a little pep in their step on Wednesday after a roughly 10% plunge over the past few weeks. The Nasdaq closed with a 1.2% advance while the S&P 500 managed a modest 0.5% gain. A small victory in the grand scheme of things! 🎉
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2025-03-12 23:43