It was another eventful week in the financial markets, with all eyes turned to the inflation data from the CPI and PPI metrics released on Wednesday and Thursday. The readings were quite bearish for the crypto market, but more on that a bit later.
The primary cryptocurrency was already feeling the mounting selling pressure after getting rejected at the key $87,000 resistance on a couple of occasions in the past few weeks. As reported in our previous Market Update from last Friday, BTC had tumbled from $86,600 to $80,400 within days. However, it had recovered some ground and traded at around $83,000 at the time of the post.
The weekend was less eventful as usual, with BTC remaining sideways between $82,000 and $83,000. It tried a more profound recovery on Monday, but it was halted at $84,000. The subsequent leg down was immediate and painful, with bitcoin dumping to $81,000. However, the volatility continued in the opposite direction, and BTC quickly tapped $84,000 again.
Then came the CPI reading for September, which was slightly higher than expected. The cryptocurrency reacted with an immediate leg down to $82,000 before the PPI reading on Thursday, which showed the largest monthly increase in well over four years, brought it to its knees. The asset dipped below $80,000 for the first time in about a month.
Bitcoin tried to rebound immediately and neared $83,000 earlier today, but was stopped and pushed south to $81,500 as of press time. This translates into a 1% weekly decline, which is not as painful as some altcoins, such as XRP, SOL, HYPE, RAIN, and QNT. In contrast, NEAR has soared by almost 10% since last Friday, while BTW is up by 23%.
Market Data
Market Cap: $2.860T | 24H Vol: $84B | BTC Dominance: 57.6%
BTC: $81,430 (-1%) | ETH: $2,440 (-1%) | XRP: $1.32 (-3.4%)
This Week’s Crypto Headlines You Can’t Miss
Fed Chair Warsh’s Bangkok Speech: 4 Key Takeaways and What They Mean for Bitcoin. After the hot inflation readings, Fed Chair Kevin Warsh spoke at the IMF-World Bank Annual Meeting in Bangkok earlier today, and markets were anticipating a major hint about the central bank’s next hike move. However, he refused to signal whether the Fed will indeed hike rates in two weeks.
Why Did Bitcoin Suddenly Crash to $80K? Inflation was only a part of the broader story behind BTC’s major crash to $80,000 on Thursday. Other reasons include the massive collapse of the Nikkei and KOSPI, as well as substantial ETF outflows.
XRP Hits Wall Street: Here’s How Evernorth’s XRPN Performed on Debut. Evernorth’s merger with Armada Acquisition Corp II was successful, and the brainchild’s XRPN stock hit Wall Street on October 12, with its price ranging between $19 and $17 before closing below the lower boundary.
Ledger Confirms Hardware Implant as Tampered Wallet Reports Allegedly Spread to Europe. One of the leading hardware wallet manufacturers confirmed an unauthorized implant was found in a wallet linked to a theft of over $80 million in crypto. Furthermore, additional reports claimed that the issue expanded to Europe, not just Southeast Asia as initially believed.
Strive Adds 3,311 BTC in Another Massive Bitcoin Purchase. Strive’s CEO announced a couple of big BTC purchases on Tuesday and Wednesday. The company first added 3,311 units before acquiring another 2,822 BTC for $235 million. Strategy also extended its buying streak, but with a more modest $21 million purchase.
Bitcoin Could Jump 50% If Developers Agree on Quantum Plan: Capriole CEO. The quantum threat is back on the map, but Capriole Investments’ CEO, Charles Edwards, believes BTC’s price could rally hard if developers agree on a roadmap to protect the blockchain against such computers.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
The post Bitcoin Dumps to Monthly Lows on Hot Inflation Data and Warsh Comments: Weekly Crypto Recap appeared first on CryptoPotato.