Bitcoin Price and Ethereum Down 4%; Market Braces for US CPI & FOMC Rate Decision This Week
On December 12, Bitcoin broke through the upward channel at $17,000, allowing for more selling on the downside. Similarly, Ethereum has followed suit, emerging from an ascending triangle pattern on the downside to close below the $1,260 support level.
Major cryptocurrencies were trading in the green early on December 12 as the global cryptocurrency market cap fell 1.07% to $846.24 billion on the previous day. Over the last 24 hours, the total crypto market volume increased 14.17% to $27.09 billion.
Let's take a look at the top 24-hour altcoin gainers and losers.
Stacks (STX), Toncoin (TON), and Trust Wallet Token (TWT) are three of the top 100 coins that have gained value in the last 24 hours. STX's price has risen nearly 6% to $0.30; TON's price has risen more than 8% to $2; and TWT's price has risen nearly 2.5%.
Three of the top 100 coins that have lost value in the last 24 hours include Dogecoin (DOGE), Osmosis (OSMO), and Flow (FLOW). DOGE's price is down roughly 10% to $0.08746, while OSMO is down about 9% to trade at $0.92. At the same time, FLOW's price is down more than 9% to $0.9385.
Two major developments will put Wall Street on edge, raising concerns that the disinflation trade has gotten ahead of itself.
The November inflation data, the final significant piece of economic news before the Fed meets, is anticipated to reflect easing price pressures. Indicators point to a 0.3% increase from a month ago, which is slightly slower than the 0.4% increase seen in October.
Inflation is predicted to fall from its current 7.7% to 7.3% on an annualized basis. A lot more effort needs to be done to bring inflation down, but the trend is positive for the time being.
With the Fed predicted to slow their rate-hiking pace to a
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