Cryptocurrencies extend losses ahead of US inflation data
Digital Currencies
Cryptocurrencies extended their losses during Wednesday’s trading, as investors monitored tensions in the Middle East and awaited US inflation data due later today.
Analysts highlight structural weaknesses, with investors exiting Bitcoin exchange-traded funds and technical indicators deteriorating. This came alongside markets pricing in the possibility of a Federal Reserve interest-rate hike, drawing capital away from speculative assets such as cryptocurrencies.
However, Bitcoin partially clawed back its losses after falling 16% in the seven days ended last Sunday, marking its steepest weekly drop since the bankruptcy of FTX.
|
Cryptocurrency |
Price |
Change |
Change (%) |
|
Bitcoin |
61,597.25 |
(451) |
(0.73%) |
|
Ethereum |
1,635.06 |
(16) |
(1.02%) |
|
Ripple |
1.1160 |
(0.0267) |
(2.34%) |
* Prices updated at 10:20 am Makkah time.
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