Market Wrap

Altcoin Plunge Leads Crypto Lower; Bitcoin Slips 0.7% to $29,150

Traditional markets fell sharply as well, with the major U.S. stock indexes shedding more than 1% on Tuesday.

Trading volumes for rollbit tokens grew 500% on a revamped token buy-and-burn plan.

By Shaurya MalwaAug 9, 2023

Thursday morning's inflation report from the government was slightly better than economists had forecast.

Interest rates continue to move higher across the globe, putting pressure on risk assets.

Crypto markets have reversed overnight gains alongside weakness in stock markets and rising Treasury yields.

CRV has bounced 20% since Justin Sun organized some relief for the token, but remains 23% lower this week.

BTC hovered comfortably over $29,300 for much of the weekend but dropped in the hours after Curve Finance tweeted that it had suffered a breach.

Friday morning brought more welcome U.S. economic data, with the PCE Price Index – the Fed's preferred inflation gauge – dipping further in June.

Fresh U.S. economic data Thursday morning delivered good news on inflation and economic growth.

The U.S. central bank as expected lifted its benchmark fed funds rate by 25 basis points on Wednesday afternoon.

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