Haider Jamal

May 12, 2024

Bitcoin Floats Around $61K As Inflation Concerns Continue

Bitcoin (BTC) experienced a sudden drop in price, decreasing by 3.5% within a day, while many major alternative cryptocurrencies fared even worse. Over the last 24 hours, the cryptocurrency market faced significant losses, with most altcoins showing declines.

Altcoins also suffered significant losses, with Ethereum (ETH) dropping by 4.1%, Solana (SOL) and Polkadot (DOT) each experiencing nearly 6% declines, along with other coins like Bitcoin Cash (BCH), Avalanche (AVAX), and Uniswap (UNI).


The Losses Continue

Bitcoin remained relatively stable around $63K throughout the week, but it abruptly dropped to around $60K. The sudden volatility led to liquidations worth over $200 million in the past day, possibly triggered by comments by a representative of the US Federal Reserve.

During a conference in New Orleans, Lorie Logan, President of the Dallas Fed, hinted that it might be premature to consider rate cuts, emphasizing the need for flexibility amid uncertainties. This announcement negatively impacted the market sentiment, resulting in widespread declines across various cryptocurrencies.

While prices eventually stabilized somewhat, analysts are closely monitoring the market to assess whether the downward trend will continue or if there will be a reversal. Theta Network (THETA) and THORChain (RUNE) were among the cryptocurrencies that experienced the most significant losses, declining by 10.8% and 9.2%, respectively. However, Cheelee (CHEEL) and Akash Network (AKT) managed to mitigate losses, registering approximately 3% increases during the same period.


Other Markets

Wall Street is feeling bullish about S&P 500 earnings, signaling optimism amid a backdrop of receding fear across assets. Investors are shedding crash insurance, reflecting growing confidence. However, the stock rally is showing signs of weakness, with the Federal Reserve treading cautiously after recent data releases. Bowman, an analyst, anticipates the Fed to maintain its stance without implementing any cuts for the remainder of 2024, despite concerns lingering over inflation.

Meanwhile, Wall Street is navigating a rebound in stocks, but faces looming risks with a $600 billion wall of debt. Anglo American investors are urging the company to accelerate amid a bid by BHP, while advancements in technology are revitalizing profitability in the Athabasca Oil Sands. However, challenges persist as wildfire evacuation alerts are issued for the Canadian oil sands hub.

In addition, a real estate boom in Mumbai is fueled by influencers, with luxury homes claiming a larger share of sales according to various reports. These diverse developments paint a dynamic picture of global markets and geopolitics, showcasing the intricate interplay between economic indicators, political tensions, and societal shifts.


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