Cryptographic markets have slipped 3% in the last 24 hours while traders are waiting for the readings of the consumer price index (ICC) expected Wednesday, some people expecting a dollar slide in a decision which could increase the prices of cryptography.
Bitcoin (BTC) lost 1.3%, while Majors Ether (ETH), Solana de Solana, ADA and XRP of Cardano lost up to 3%. Samecoin Dogecoin (DOGE) slipped the most with a slide of 4.5%, while the BNB of the BNB channel was up 1% in the middle of the renewed interest in the blockchain ecosystem.
Broad Coindesk 20 (CD20)A liquid index that followed the largest tokens by market capitalization, dropped by 2.5%.
The American IPC measures the average change over time of prices paid by urban consumers for a basket of consumer goods and services. Changes in IPC readings tend to have an impact on Bitcoin and the wider market of cryptography, as investors consider the asset class as coverage against inflation.
The prospects of the January IPC provide a monthly increase of 0.3% for the index of all the elements and an inflation rate of 12 months of 2.9%, which indicates whether the federal reserve will reduce the rates of interest in 2025 to combat the rise in prices.
Some traders expect a dollar to relax on all indications of a rate drop – which could increase risk assets and provide entry for cryptographic investors who seek to bet on higher prices.
“We deduce that the market is highly long on the dollar. Since the negative news has probably been evaluated, we believe that the USD is now faced with a greater risk of decline, “QCP Capital, based in Singapore, said on a telegram show on Wednesday.
“All positive news could force the USD to relax in their mass positions, potentially sending higher risk assets. The CPI version of tonight could be the catalyst that triggers a net movement lower in Doxy. »»
“However, this rising tide may not raise all boats. Bitcoin continues to underperform actions and gold, suggesting a certain hesitation within the cryptographic community. Liquidity remains thin in the many new announcements each week, and the large -scale liquidation last week has erased many traders, “said QCP, referring to last Monday on Monday $ 1 billion in liquidation event
QCP added that the purchase of “protection against drawbacks” – or options that paid as prices drop – continue to be the “best strategy” in the current environment.