$BTC fell below 70,000 today: Binance spot was around 69,330, down 4.9% over 24 hours; $ETH was around 1,960, down 3.1%, back below 2,000 (Binance spot prices, Beijing time 20:23). Tokenized gold PAXG was down 1.5% over the same period, at around 3,884—gold and crypto are weakening in tandem.
The theme in recent days has been interest rates: long-term yields are pushing 5%, and a December rate hike is already priced in. Tonight’s 21:30 PPI has yet to be released. Markets are reducing risk ahead of the data; before the results come in, the only thing we can confirm is that prices have already moved.
The theme in recent days has been interest rates: long-term yields are pushing 5%, and a December rate hike is already priced in. Tonight’s 21:30 PPI has yet to be released. Markets are reducing risk ahead of the data; before the results come in, the only thing we can confirm is that prices have already moved.