Ethereum

Cryptocurrency

Prime

Bitcoin

Impact

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-recovers-after-last-weeks-sharp-decline/" data-wpel-link="internal">Cryptocurrency Market Recovers After Last Week’s Sharp Decline</a> 
The <a href="https://en.coin-turk.com/bitcoin-struggles-to-regain-lost-ground-after-federal-reserve-developments/" data-wpel-link="internal">cryptocurrency market</a> is trying to recover from the effects of last week’s sharp decline. Bitcoin‘s (BTC) price is struggling to stay above the $60,000 level despite a strong recovery, and macroeconomic factors continue to pressure the market. 
<h2 style="text-align: justify" id="strong-inflation-data-from-the-us-did-not-have-the-expected-impact-on-the-market-strong">Inflation Data from the US Did Not Have the Expected Impact on the Market</h2> 
The much-anticipated Consumer Price Index (CPI) data from the US came in line with market expectations yesterday. Following the data release, there was notable movement in the markets. Initially, the inflation data meeting expectations increased the likelihood of a rate cut. The probability of a 25 basis point rate cut rose from 47.5% to 62.5% before the inflation data was released. 
However, the inflation data did not bring a lasting rise in the cryptocurrency market as expected. The transfer of 10,000 BTC to Coinbase Prime by the US and the release of 17,000 ETH by Jump Trading increased the selling pressure, worrying <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. These events heightened market anxiety, preventing a rise in cryptocurrencies and causing a decline. 
Singapore-based crypto investment company QCP Capital reported that the volatility of Bitcoin and Ethereum significantly decreased after the inflation data. Volatility levels dropped by around 10 points, while risk reversals for ETH and BTC fell to -8 and -6 points, respectively. This indicates that investors expect further declines in the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> and are aware of the selling pressure created by fresh supply in the market. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-380235" src="https://coin-turk.com/wp-content/uploads/2024/08/QCP-Capital-Bitcoin-Altcoin.png" alt="" width="549" height="772"> 
The fluctuations in the cryptocurrency market, in particular, are causing investors to act cautiously. The US transactions involving BTC and ETH created new selling pressure in the market, leading to a decline in the value of cryptocurrencies. All these developments show that while volatility has decreased, downside risks have increased. 
<h2 style="text-align: justify" id="strong-recent-data-from-the-us-boosted-the-market-strong">Recent Data from the US Boosted the Market</h2> 
On the other hand, Bitcoin and altcoins rose today with the positive announcement of core retail sales and jobless claims data. According to the announced data, core retail sales, expected to be 0.1%, came in at 0.4%, and jobless claims, expected to be 236,000, came in at 227,000, easing recession fears in the US and giving Bitcoin some strength. Altcoins also rose slightly, gaining strength from Bitcoin. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-recovers-after-last-weeks-sharp-decline/" data-wpel-link="internal">Cryptocurrency Market Recovers After Last Week’s Sharp Decline</a></h5>
The post <a href="https://en.coin-turk.com/cryptocurrency-market-recovers-after-last-weeks-sharp-decline/" data-wpel-link="internal">Cryptocurrency Market Recovers After Last Week’s Sharp Decline</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cryptocurrency Market Recovers After Last Week’s Sharp Decline

Table of Contents

COINTURK NEWS

Other articles published on Aug 15, 2024

Ethereum’s Vitalik Makes Major ETH Transfer to Kraken

Binance Labs Announces Second Cohort of Season 7 Incubation Program: Aarc, FluxLayer, and Ton Ton...

Understanding the Impact of the Remaining 6% Unmined Bitcoin on BTC’s Future

Boost Your Crypto Profits with Oracles and Cloud Computing!

Nasdaq and BlackRock Propose Options for Spot Ethereum ETF: SEC Decision Expected by April 2025

Grayscale Expands Crypto Offerings with Bittensor and Sui

Join our free newsletter for daily crypto updates!