I said yesterday that if core CPI came in at ≥0.3%, we'd take a hit—and today, it's proving me right.
Guys, ETH has fallen below $2,500. It's now at $2,414, down 3.8% over 24 hours.
Last night's CPI Scenario B has played out.
What does that mean? The data came out at 20:30 last night.
CPI rose 3.7% year over year, above the 3.6% forecast.
Core CPI rose 2.6% year over year, also above the 2.5% forecast, and was up 0.3% month over month.
More worrying still, the odds of an October rate hike doubled from 21.6% to 44%.
The 5-year Treasury yield briefly hit its highest level since 2007.
How did the markets react?
The dollar index surged to 102.8, while gold fell below $4,100.
U.S. stocks opened lower, and Bank of America fell 8%.
Bitcoin dropped to $81,700, and Ethereum fell to $2,414.
Yesterday, I wrote in my post: “Scenario B: core CPI ≥0.3%, and Bitcoin takes a hit too.”
That's exactly how things played out today.
My view is clear:
Scenario B has been triggered. Don't rush to buy the dip.
Ethereum's $2,500 level has turned from support into resistance. Next, watch $2,300.
Bitcoin's $80,000 line in the sand is about to be tested again.
Fed Chair Warsh speaks in Bangkok tonight—that's a new variable.
I'll stay on the sidelines until then.
Of course, one CPI report doesn't mean we're in a bear market, and it doesn't mean a rate hike is certain.
But inflation's persistence is there for all to see.
Don't mistake a rebound for a reversal.
Guessing the direction before CPI is gambling.
Trading the reaction after CPI is what matters.
$ETH
#以太坊跌破2500美元 #以太坊 #CPI
Guys, ETH has fallen below $2,500. It's now at $2,414, down 3.8% over 24 hours.
Last night's CPI Scenario B has played out.
What does that mean? The data came out at 20:30 last night.
CPI rose 3.7% year over year, above the 3.6% forecast.
Core CPI rose 2.6% year over year, also above the 2.5% forecast, and was up 0.3% month over month.
More worrying still, the odds of an October rate hike doubled from 21.6% to 44%.
The 5-year Treasury yield briefly hit its highest level since 2007.
How did the markets react?
The dollar index surged to 102.8, while gold fell below $4,100.
U.S. stocks opened lower, and Bank of America fell 8%.
Bitcoin dropped to $81,700, and Ethereum fell to $2,414.
Yesterday, I wrote in my post: “Scenario B: core CPI ≥0.3%, and Bitcoin takes a hit too.”
That's exactly how things played out today.
My view is clear:
Scenario B has been triggered. Don't rush to buy the dip.
Ethereum's $2,500 level has turned from support into resistance. Next, watch $2,300.
Bitcoin's $80,000 line in the sand is about to be tested again.
Fed Chair Warsh speaks in Bangkok tonight—that's a new variable.
I'll stay on the sidelines until then.
Of course, one CPI report doesn't mean we're in a bear market, and it doesn't mean a rate hike is certain.
But inflation's persistence is there for all to see.
Don't mistake a rebound for a reversal.
Guessing the direction before CPI is gambling.
Trading the reaction after CPI is what matters.
$ETH
#以太坊跌破2500美元 #以太坊 #CPI