Bitcoin, Dogecoin Flat, While Ethereum, XRP Sink Amid Hotter-Than-Expected Consumer Inflation: Analyst Sees No BTC Exhaustion, Targets This Range
💡 Bitcoin and Dogecoin remain stable as Ethereum and XRP plunge amidst higher-than-expected inflation.
The Federal Reserve's hotter-than-expected consumer inflation report has sent shockwaves through the cryptocurrency market, with Ethereum and XRP plummeting while Bitcoin and Dogecoin remain relatively flat.
The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.
Crypto Market Reaction
The Federal Reserve's inflation report revealed a 6.5% annual rate, exceeding the 6.2% predicted by economists. Ethereum () and XRP plummeted in response, with XRP dropping 10.5% and Ethereum falling 7.3%. Bitcoin () and Dogecoin (), on the other hand, experienced a relatively stable day, with Bitcoin trading 0.5% lower and Dogecoin slipping 2.3%.
Market Analysts Weigh In
Industry analysts are weighing in on the crypto market's next move. According to a leading analyst, the lack of Bitcoin exhaustion suggests that the cryptocurrency may continue to target the $40,000 to $45,000 range.
What It Means for Investors
💬 As the crypto market navigates this uncertain landscape, investors should remain vigilant and monitor the Federal Reserve's future moves closely. Will the Fed's hawkish stance continue to impact the cryptocurrency market? Share your thoughts in the comments below.
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