Bitcoin, Ethereum, Dogecoin Decline Shrugging Off US Inflation Data: Analyst Says Over 15 BTC Whales Dump Massive Holdings
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The cryptocurrency market experienced a significant decline on Tuesday evening, despite a generally supportive environment for risk assets. This came on the heels of a cooler-than-expected October inflation reading, which led to a surge in stock prices and a substantial drop in bond yields.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -2.65% | $35,470 |
| Ethereum (CRYPTO: ETH) | -3.93% | $1,972 |
| Dogecoin (CRYPTO: DOGE) | -2.35% | $0.072 |
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What Happened: October’s U.S. inflation data surpassed expectations, as the headline Consumer Price Index (CPI) remained flat for the month, defying economist forecasts of a 0.1% increase. Meanwhile, the core rate experienced a modest rise of just 0.2%, outperforming predictions for a 0.3% increase.
On a year-over-year basis, CPI increased by 3.2%, slightly lower than expectations of 3.3% and September’s 3.7%.
Despite a consistent decline in headline CPI inflation over the past few months, it has remained above the U.S. Federal Reserve’s target of 2%. Moreover, the persistently high core rate has remained above 4% for several consecutive months. This has led to suggestions from Fed members that there may be one more interest rate hike before concluding the ongoing monetary tightening cycle, which has lasted for approximately 20 months.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitget Token | +13.10% | $0.54 |
| Maker | +5.19% | $1,376 |
| Frax Share | +5.04% | $7.27 |
The global crypto market cap currently stands at $1.36 trillion, reflecting a decrease of 2.03%in the past 24 hours.
Stocks surged on Tuesday, continuing their strong momentum from November, as investors reacted positively to new U.S. inflation data.
The Dow Jones Industrial Average saw a robust increase of 489.83 points, or 1.43%, finishing the day at 34,827.70. Meanwhile, the S&P 500 experienced a rally of 1.91%, briefly surpassing the 4,500 level, closing at 4,495.70. This marked the broad-market index’s best performance since April. The Nasdaq Composite also experienced significant gains, surging 2.37% to end the day at 14,094.38.
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In addition, the 10-year Treasury yield, which had startled investors by surpassing 5% in October, dropped below 4.5% following the release of the soft inflation report.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said that Bitcoin is currently in search of support. “Scenario is still valid, in which a test around $34.8-$35.2K could give further strength towards the highs. These dips are usually entry points for altcoins.”
Crypto analyst Ali reported that Bitcoin whales began taking profits while the price of BTC surged from $35,000 to almost $38,000. In total, over 15 wallets containing more than 1,000 BTC either sold or redistributed their holdings.
Santiment, a leading firm in on-chain data analytics for the crypto market, has observed that Ethereum’s fees have naturally increased with the recent rise of ETH above $2K and the subsequent surge in network utility. However, it is worth noting that these transaction fees are still comparatively affordable compared to the average fee levels of $14 seen in May. Additionally, it is important to closely monitor the impact on other ERC-20 tokens as well.
Photo by SvetlanaParnikova on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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