Bloomberg: Bitcoin falls to a one-week low today, with the market lacking positive support
Mars Finance reports that Bitcoin experienced fluctuations on Tuesday, indicating traders are nervous ahead of the release of U.S. inflation data and Federal Reserve monetary policy decisions.
As of around 11 a.m. Singapore time, Bitcoin had fallen by 2.5%, hitting a one-week low, but has since rebounded to above $68,000. Other major cryptocurrencies such as Ethereum and Dogecoin also fell in sync.
The inflation data and Fed outlook due to be released on Wednesday could exacerbate people's concerns that interest rates will remain high for an extended period, which is a challenging backdrop for speculative assets like cryptocurrencies.
Anand Gomes, co-founder of derivatives platform Paradigm said: "In the crypto space, no news is bad news. The market is like an addict constantly needing positive news to support it."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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The US dollar has fallen for two consecutive months, and the US Treasury's buyback has forced speculators to retreat; the hawkish stance of Waller only resulted in a one-day rebound.
The US dollar extended its decline in August, with the Bloomberg Dollar Spot Index down 0.9%, marking its second consecutive monthly drop. US Treasury Secretary Besant expanded the Treasury buyback program, sparking market speculation that US policies are intended to guide the dollar lower. Although Fed Chair Walsh reaffirmed the 2% inflation target and fueled expectations of further rate hikes, Wells Fargo warned that the Fed may not deliver on these expectations and the dollar’s weakness could persist.
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