Hotter-than-expected U.S. CPI is pushing up expectations of a Fed rate hike, while $BTC faces pressure from short-term holders’ cost basis and ETF flows. The market is weighing a stronger USD against a few signs of broader access to crypto.
According to @Cointelegraph, October CPI rose 0.4% month over month, above the 0.3% estimate; core CPI rose 0.3%, exceeding the 0.2% estimate and matching September’s pace. The same source reported that Polymarket’s odds of a 25-basis-point Fed hike in December rose to 87%. Deutsche Bank was cited as expecting three consecutive 25-basis-point hikes in December, January, and March, taking the target range to 4.50%–4.75%.
@Reuters reported that the pound fell against a firmer USD as markets priced in a more hawkish Fed. @stockplusapp said U.S. stocks closed higher, led by tech shares, with the S&P at 7,617.84 (+1.27%) and the Nasdaq 100 at 25,460.38 (+1.55%); the USD index was described as reaching a 19-month high.
In crypto, @Cointelegraph cited Glassnode: $BTC fell below the short-term holder cost basis of $75,600, with around 65% of recent purchases underwater. Stablecoin supply fell by $14.2 billion over 30 days, and U.S. spot Bitcoin ETFs recorded net outflows of $1.6 billion over 20 sessions. The same source said Strategy holds 850,364 BTC, equivalent to 4.2% of circulating supply; Israel Discount Bank will enable Bitcoin and $ETH trading on its app starting November 26; and Texas bill HB 815 would allow cities and counties to invest up to $10 million each in Bitcoin if passed.
Market outlook: interest rates and the USD are testing $BTC ’s resilience, while steps toward opening access by banks and local governments are additional factors to watch.
🏷️ Binance Square ticker: $MUB
⚠️ News for reference from X / the market; not investment advice. DYOR and manage your risk.
According to @Cointelegraph, October CPI rose 0.4% month over month, above the 0.3% estimate; core CPI rose 0.3%, exceeding the 0.2% estimate and matching September’s pace. The same source reported that Polymarket’s odds of a 25-basis-point Fed hike in December rose to 87%. Deutsche Bank was cited as expecting three consecutive 25-basis-point hikes in December, January, and March, taking the target range to 4.50%–4.75%.
@Reuters reported that the pound fell against a firmer USD as markets priced in a more hawkish Fed. @stockplusapp said U.S. stocks closed higher, led by tech shares, with the S&P at 7,617.84 (+1.27%) and the Nasdaq 100 at 25,460.38 (+1.55%); the USD index was described as reaching a 19-month high.
In crypto, @Cointelegraph cited Glassnode: $BTC fell below the short-term holder cost basis of $75,600, with around 65% of recent purchases underwater. Stablecoin supply fell by $14.2 billion over 30 days, and U.S. spot Bitcoin ETFs recorded net outflows of $1.6 billion over 20 sessions. The same source said Strategy holds 850,364 BTC, equivalent to 4.2% of circulating supply; Israel Discount Bank will enable Bitcoin and $ETH trading on its app starting November 26; and Texas bill HB 815 would allow cities and counties to invest up to $10 million each in Bitcoin if passed.
Market outlook: interest rates and the USD are testing $BTC ’s resilience, while steps toward opening access by banks and local governments are additional factors to watch.
🏷️ Binance Square ticker: $MUB
⚠️ News for reference from X / the market; not investment advice. DYOR and manage your risk.