Crypto Market Stalls as Bitcoin Trades at $82,800 and Ether Drops 3.5%
The crypto market experienced minimal movement as a brief rally following positive U.S. inflation data quickly diminished.
- Bitcoin (BTC) is trading at $82,800, down 0.5% in the last 24 hours.
- The CoinDesk 20 index fell by 0.8% during the same period.
- Ether (ETH) is the worst performer in the index, down 3.5% to approximately $1,880.
- The ETH/BTC ratio is at 0.022, matching levels from April 2020, and has decreased by 67% since its all-time high in November 2021.
Dr. Youwei Yang from BIT Mining noted that current CPI data should be bullish but market confidence remains low. He highlighted issues related to tariffs and government layoffs affecting inflation and market stability. The Federal Reserve may begin rate cuts as early as May or June, with up to 100 basis points possible by October.
U.S. stocks showed slight recovery, with the Nasdaq up 1.2% and the S&P 500 gaining 0.5%.