Latest Prices
- CoinDesk 20 Index: 1,887.55 -1.61%
- Powered By: https://coindesk.com/data
Crypto Market Update
The crypto market is experiencing losses, with the broader market falling 2% as measured by the CoinDesk 20 Index. Bitcoin (BTC) and Ether (ETH) are trading lower, with BTC down 1.6% over 24 hours and ETH down 1.49%. The S&P 500 is up 0.71%, while gold is up 0.35%.
Key Economic Indicators
The US will release September’s Consumer Price Index (CPI) report later Thursday, which is expected to show increases of 0.1% month-on-month and 2.3% year-on-year. Hotter-than-expected prints could strengthen calls to stop interest-rate cuts, weighing on risk assets such as cryptocurrencies.
Federal Reserve Meeting Minutes
The minutes from the September Fed meeting showed policymakers were divided on how aggressive the central bank should be. A substantial majority of participants favored cutting the interest rate by half a percentage point, though some expressed misgivings about going that large.
Crypto Sentiment
" Crypto sentiment has moved back into the fear zone (39), reinforcing the contrast with 72 (greed) in equities," said Alex Kuptsikevich, a senior analyst at FxPro. "This dynamic is easily explained by the appreciation of the dollar and the increased attractiveness of bonds, which reduces institutional traction in bitcoin."
Dollar Index
The dollar index (DXY), rose to 102.97, the highest since Aug. 16, taking the cumulative gain since the Sept. 30 low of 100.18 to 2.7%, according to data source TradingView.
Ether ETFs in the U.S.
Ether ETFs in the U.S. registered zero flows in either direction on Wednesday, according to data compiled by SoSoValue. This is the second time this week the funds have seen no activity and the third time since they listed in July.
Bitcoin ETFs
Bitcoin ETFs saw outflows of over $30.5 million on Wednesday. It was a fairly muted day for them too, with nine of the 11 funds registering zero flows in either direction.
Chart of the Day
- Bitcoin’s seven-day options skew has slipped to -8.5%, the lowest in four weeks.
- The negative print indicates a bias for protective put options, reflecting fears of downside price risks.
- Source: Amberdata, Deribit
Trending Posts
- SEC Chair Gary Gensler on Crypto: ‘It’s Unlikely This Stuff Is Gonna Be a Currency’
- Prosecutors Charge Four Crypto ‘Market Makers,’ Employees With Market Manipulation, Fraud
- For Millennials, Bitcoin Is the New Real Estate
Conclusion
The crypto market is experiencing losses, with the broader market falling 2% as measured by the CoinDesk 20 Index. Hotter-than-expected CPI prints could strengthen calls to stop interest-rate cuts, weighing on risk assets such as cryptocurrencies. The appreciation of the dollar and increased attractiveness of bonds have reduced institutional traction in bitcoin.
