#HuangExitNvidiaStrategyInFocus
MARKET SUMMARY:
The market fell this week, and the reason
came from outside the crypto universe.
The US Consumer Price Index (CPI), which measures inflation in the US, came in higher than expected: 0.4% in October, compared with the forecast of 0.3%.
Higher inflation means higher interest rates for longer, and high rates drain money from risk assets.
The market is now pricing in a 90% probability of a
rate hike at the Fed meeting on December 8 and 9.
$BTC
@bitcoin
Bitcoin fell to $72,000–$73,000, its lowest level since August, and stabilized near $74,000. Ethereum is trading around $2,050, and major altcoins followed the decline. Nearly $700 million in leveraged positions were liquidated, and Bitcoin ETFs have seen $1.5 billion in outflows since the start of the month.
MARKET SUMMARY:
The market fell this week, and the reason
came from outside the crypto universe.
The US Consumer Price Index (CPI), which measures inflation in the US, came in higher than expected: 0.4% in October, compared with the forecast of 0.3%.
Higher inflation means higher interest rates for longer, and high rates drain money from risk assets.
The market is now pricing in a 90% probability of a
rate hike at the Fed meeting on December 8 and 9.
$BTC
@bitcoin
Bitcoin fell to $72,000–$73,000, its lowest level since August, and stabilized near $74,000. Ethereum is trading around $2,050, and major altcoins followed the decline. Nearly $700 million in leveraged positions were liquidated, and Bitcoin ETFs have seen $1.5 billion in outflows since the start of the month.