Bitcoin's four-day rally ended on Tuesday, although the asset continued to trade above $23K...Korea's mega blockchain week has failed to address the crypto industry's recent problems. JPRubin23 and TheSamReynolds report
Ten-year Treasury yield daily close: 2.80%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atBitcoin's four-day surge was nice while it lasted.
The largest cryptocurrency by market capitalization was recently trading just above $23,200, down more than 2% over the past 24 hours and far removed from its temporary perch nearly $1,000 higher earlier Monday. Investors are apparently hunkered down waiting for the Wednesday morning release of July's Consumer Price Index in the U.S.
Analysts widely expect the CPI to drop to a still hefty 8.7% after hitting a four-decade high of 9.1% in June, suggesting that while inflation is slowing it remains problematic enough for the U.S. Federal Reserve to likely approve aEther, the second-largest crypto by market cap behind bitcoin, was recently changing hands at about $1,700, down approximately 4% from the previous day and well off a euphoric, two-month high about $1,800 early Monday.
"You've seen quite a bit of stability in some of the price action, a bit of a rally off some of the recent lows," Don Kaufman, co-founder of TheoTrade, told CoinDesk TV's"All About Bitcoin" show."Although there's been a little bit of decoupling between Nasdaq and the crypto marketplace, the interesting irony of that happens to be that that's going to come raging back, and the very catalysts to spark that? Possibly tomorrow morning's CPI.
Crypto prices Tuesday tracked equity markets, which also fell, although more moderately than most tokens. The tech-focused Nasdaq was off more than a percentage point and the S&P 500, which has a strong tech component, was down a few fractions of a point. Investors returned at least temporarily to the risk-averse strategies they have followed for much of the past year. Gold, a traditional safe haven asset, ticked slightly higher and has risen more than 3% over the past month.
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