Crypto Chaos!
What to know:
- Crypto majors took a tumble, some as much as 14% in the last 24 hours, as if someone had let the wind out of their digital balloons.
- Solana’s SOL, bless its little blockchain, dropped 14% making it look like a very glum puppy, while dogecoin, xrp, and ether all took a dip of over 8%.
- Traders reckon this whole gloomy business might be a bit overblown, and that maybe, just maybe, the world’s economic woes are the real culprit here.
Crypto majors took a tumble, some as much as 14% in the last 24 hours, as if someone had let the wind out of their digital balloons, amidst a general air of “this isn’t going quite to plan, is it?”
Solana’s SOL, bless its little blockchain, dropped 14% making it look like a very glum puppy, while dogecoin, xrp, and ether all took a dip of over 8%. Bitcoin, meanwhile, shed its $92,000 fancy airs for the first time since late November, looking rather sheepish about the whole thing.
Overall market capitalization took a nosedive of 6.6%, while the broad-based CoinDesk 20 (CD20), which tracks the biggest crypto tokens, dropped more than 7%.
Traders reckon this whole gloomy business might be a bit overblown, and that maybe, just maybe, the world’s economic woes are the real culprit here.
“Bitcoin, Ethereum, and Solana shouldn’t be trading this far below their all-time highs,” Jeff Mei, COO at crypto exchange BTSE, said in a Telegram message. “On the U.S. side, inflation concerns and a pause in Fed rate cuts have kept markets down, but this could change as weak economic data released last week could spur Fed officials to take further action.”
Augustine Fan, head of insights at SignalPlus, echoed the sentiment: “The ‘slowdown’ narrative will likely dominate the narrative in the near term, with stocks and bonds trading back in positive tandem with correlation nearing the highs of the past 12 months.”
Fan explained that the “bad data is now good” once again, as markets refocus their attention on Fed eases, and provide tailwinds to both gold and BTC in the near future.
Data released early this month showed, the widely-watched Consumer Price Index (CPI) surged 0.5% month-over-month in January, much more than the expected 0.3% gain, sending investors to prefer cash positions or risk-off bets until clear signs of a government intervention to boost the economy.
The U.S. CPI measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Changes in CPI readings tend to impact bitcoin, and the broader crypto market, as investors view
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2025-02-25 07:51