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Annual rise in US consumer prices in August slowed down from 8.5% to 8.3%, its main indicator – accelerated from 5.9% to 6.3%. The data reinforced the scenario of maintaining an aggressive policy Powered and led to sales in the cryptocurrency market.
The market reaction was painful. In the first 15 minutes after the release of the macroeconomic statement alone, bitcoin and Ethereum prices lost more than 4.5%. Half an hour later, among the top 30 most capitalized cryptocurrencies, only Litecoin maintained a positive trend over the last day.
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According to the futures market, the probability of immediately raising the key rate by 75 bp at the meeting on 21 September. p. reached 80%. A month ago it was 45%.
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Contrary to expectations, the rise in the core inflation indicator strengthened the perception of the speech by Fed chief Jerome Powell at the Jackson Hole symposium. So the official warned of the intention don’t rush to cut rates maintain control over inflationary expectations.
The published data could lead to a further reassessment of investor perceptions, which previously suggested a turnaround in the spring of 2023.
Prior to the September 21 meeting, the Fed only needs to evaluate the September 15 retail sales data. In light of the inflation report, the Fed’s willingness to raise rates by 75bps is unlikely to change immediately. P.
After the release of the macro statistics on FTX, some malfunctions occurred. According to platform head Sam Bankman-Fried, short-term problems have arisen with the company’s website. The specialists eliminated them almost immediately.
Many traders reported that FTX experienced downtime due to violent price fluctuations following the August CPI announcement in the US. SBF said FTX didn’t actually go down, but the website did a rickety automatic update, momentarily implementing a fix for it. https://t.co/JXIriDzgvG
– Wu Blockchain (@WuBlockchain) September 13, 2022
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“It [реакция биткоина на инфляцию] emphasizes how tightly cryptocurrency is intertwined with other risky assets, which it requires […] deeper understanding of these correlations “, – said in conversation with The block Jonah Van Burgh, Cumberland Head of Global Trade.
Recall that a trader with the pseudonym of filbfilb admitted the fall of bitcoin from current levels at $ 10,000- $ 11,000. According to the specialist, the first cryptocurrency has become highly correlated with the Nasdaq, which is under enormous pressure due to the Fed’s policies.
Former hedge fund manager Cramer & Co. and Mad Money host on CNBC Jim Cramer said that due to monetary tightening, there will be “washing” of speculative tools such as digital assets.
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