Market Wrap

Ether Drops 1.9% to 7-Month Low as Crypto Buckles Further Following Inflation Data

Risk-off sentiment hit markets as a slightly hotter-than-expected inflation reading boosted U.S. Treasury rates and the dollar.

After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.

Meanwhile, bitcoin's dominance continues to climb.

The crypto is on track for gains on Friday despite bearish U.S. jobs numbers which initially sent it down nearly 2%.

Crypto analysts forecast low volatility and consolidation for the month.

Short liquidations on crypto-tracked futures may have contributed to the rise in bitcoin and ether.

By Shaurya MalwaOct 2, 2023

The last time BTC posted a positive return during September was in 2016.

The broad-market proxy CoinDesk Market Index (CMI) was up 3.8% over the past 24 hours.

The U.S. 10-year Treasury yield rose another nine basis points Wednesday to a new 16-year high of 4.63%.

Higher yields are taking a toll on traditional assets as well, with the Nasdaq sinking another 1% to its lowest level since early June.

By Stephen AlpherSep 26, 2023

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