Best Crypto to Buy Today April 30 – Wormhole, Ethena, Cronos
As Bitcoin (BTC) probes for a break below $60,000 and Ether (ETH) pushes under $3,000, crypto investors are turning to the altcoin market as they hunt for the best crypto to buy today.
Crypto has been trading with a bearish bias today, with Bitcoin and Ether down 5-6% in the past 24 hours.
Altcoins, meanwhile, are a sea of red. Solana (SOL) was last down 7% and Dogecoin (DOGE) was last down 6%. Most other majors are down at least 3% in a 24-hour period.
A disappointed debut to spot Bitcoin and Ether ETF trade in Hong Kong was a major catalyst of the decline.
❖ CRYPTOS PLUNGE AFTER HONG KONG ETFS LAUNCH
The world's leading cryptocurrencies continued their downward trend on Tuesday, with Bitcoin falling below the $62,000 mark after Hong Kong launched its first crypto exchange-traded funds (ETFs).
The six Hong Kong ETFs missed market…
— *Walter Bloomberg (@DeItaone) April 30, 2024
Hotter-than-expected US economic data relating to wage inflation then further contributed to the downbeat mode.
Sticky core inflation…
The US Employment Cost Index rose by 1.2% in the first quarter of 2024, accelerating from a 0.9% increase in the previous three-month period and beating the market consensus of a 1% growth.
Employment costs rose the most in one year, as wages and… pic.twitter.com/SId678qKuT
— Ayesha Tariq, CFA (@AyeshaTariq) April 30, 2024
That latest data reinforces the likelihood that the Fed will continue to delay rate cuts. That’s a message investors are expecting the Fed to signal at tomorrow’s policy meeting.
ISM PMI and jobs data out of the US this week will also inform the outlook for Fed rate cuts.
Risks seem tilted towards macro headwinds continuing. Bitcoin looks at risk of tumbling back towards support in the $53,000 area.
The
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