Bitcoin slipped below $74,000 today after October inflation came in hotter than expected, rising 0.4% against a forecast of 0.3%. Traders are now pricing in a possible rate increase in December, and that took the wind out of risk assets.
The slide has company. Spot bitcoin ETFs lost $201 million on Monday, the seventh straight day of redemptions from the largest fund, and about $360 million in leveraged positions were liquidated in 24 hours, mostly longs.
My take: this is a macro move, not a crypto-specific one. Until the rate outlook clears up, bitcoin is likely to keep trading on inflation headlines rather than its own story. #Bitcoin $BTC
The slide has company. Spot bitcoin ETFs lost $201 million on Monday, the seventh straight day of redemptions from the largest fund, and about $360 million in leveraged positions were liquidated in 24 hours, mostly longs.
My take: this is a macro move, not a crypto-specific one. Until the rate outlook clears up, bitcoin is likely to keep trading on inflation headlines rather than its own story. #Bitcoin $BTC