🧵 1. Bitcoin drops 3% ahead of key events: FOMC meeting and CPI report. Market eyes remain on Federal Reserve's interest rate decision and US inflation data. #crypto
🧵 1. Bitcoin drops 3% ahead of key events: FOMC meeting and CPI report. Market eyes remain on Federal Reserve's interest rate decision and US inflation data. #crypto
🧵 2. Analysts anticipate US CPI to register 3.4% for headline CPI and 3.5% for core CPI. This could deter Fed from potential rate cuts amid the economic recovery.
🧵 3. Bitcoin spot U.S. ETFs face $65 million outflow, contrasting earlier inflows. Grayscale's GBTC ETF sees $40 million net outflow, reflecting market uncertainties.
🧵 4. Standard Chartered predicts Bitcoin to hit $100,000 amid U.S. election. However, negative correlation with US bond yields poses challenges for its price movement.
🧵 5. Bitcoin's current hoarding as "digital gold" impacts circulation and transaction velocity, while market-wide downturn sees $168 million in liquidations, per Coinglass.
🧵 Read more at: https://decrypt.co/234754/bitcoin-drops-3-ahead-of-interest-rate-decision-and-us-inflation-report