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Global crypto market drops, bitcoin below $58,000

written by Bella Palmer
crypto-currencies

Bitcoin was trading just below the $58,000 mark on Thursday, down around 5%, as per Coingecko data

Bitcoin (BTC-USD) has continued its sell-off, despite stock indices such as the Nasdaq and S&P 500 closing Wednesday in the green following US inflation figures that met economists' expectations.

Bitcoin was trading just below the $58,000 mark on Thursday, down around 5%, as per Coingecko data.

Bitcoin had been trading within a narrow range above $61,000 leading up to Wednesday's release of the US Consumer Prices Index (CPI) inflation data. July's CPI rose by 2.9% year-on-year, marking the first time since 2021 that it has dropped below 3%.

The data seems to have supported equities, with expectation growing amongst traders that the Federal Reserve will reduce interest rates at its September meeting. Following the inflation numbers, the CME FedWatch tool shows that interest rate traders are now giving the possibility of a 25 basis point rate cut at the next Federal Open Market Committee Meeting (FOMC) at 62.5%, and the possibility of a 50 basis point cut at 37.5%.

Ethereum (ETH-USD) was trading within a tight range between $2,650 and $2,750 before Wednesday's inflation numbers, however, the price moved down by almost 5% on Thursday to nearly $2,600.

The global crypto currency market cap sat at $2.15 trillion, a decline of 3.5%.

Compared to the crypto currency downturn, equities rose following the latest US consumer price index (CPI) report.

On Thursday, stock futures sustained the uptrend, with the Nasdaq gaining by 0.24%, and the NYSE Composite increasing by 0.52% in pre-market trading.

Despite the crypto downturn, the native token of lending and borrowing platform Aave (AAVE-USD) rose by over 7%. Aave was trading at $104.98 on Thursday, as per Coingecko data.

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The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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