📰 Biggest story of the day: Hot US inflation shook crypto.
October CPI came in at +0.4% (core +0.3%), hotter than expected — and markets now price a December Fed rate hike at ~85%. The result: ~$720M in leveraged positions wiped out in 24 hours, mostly longs.
Bitcoin is clinging to ~$73,700 after dipping to $72,700, with $73,000 the line to hold — a daily close below it could open the way to $68,000. Ethereum is near $2,060, down ~11% on the week, after nearly touching $2,000. Zcash took the hardest hit, down ~15% to ~$977 and below $1,000 for the first time since early September, as leveraged longs were liquidated.
Takeaway: macro is driving the tape now — until the Fed picture clears, dips are for watching, not chasing.
#BTC #ETH #ZEC
October CPI came in at +0.4% (core +0.3%), hotter than expected — and markets now price a December Fed rate hike at ~85%. The result: ~$720M in leveraged positions wiped out in 24 hours, mostly longs.
Bitcoin is clinging to ~$73,700 after dipping to $72,700, with $73,000 the line to hold — a daily close below it could open the way to $68,000. Ethereum is near $2,060, down ~11% on the week, after nearly touching $2,000. Zcash took the hardest hit, down ~15% to ~$977 and below $1,000 for the first time since early September, as leveraged longs were liquidated.
Takeaway: macro is driving the tape now — until the Fed picture clears, dips are for watching, not chasing.
#BTC #ETH #ZEC