Since beginning of week, cryptocurrency market has been on decline
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Since the beginning of the week, the cryptocurrency market has been on the decline. The minutes of the most recent FOMC meeting released earlier this week revealed policymakers were broadly in agreement that rates would likely need to be raised one more time before the monetary tightening cycle ended.
Adding further to losses, the Consumer Price Index for September gained 0.4%, exceeding economist expectations of 0.3% and the prior month's 0.6%. In September, the CPI grew 3.7% year on year, compared to 3.7% in August.The core CPI, excluding food and energy costs, grew by 0.3% in September, compared to $0.6% the previous month. Year on year, core CPI was 4.1%, compared to the 4.1% expected and 4.3% in August.In the last 24 hours, 21,834 traders were liquidated.
Kaiko, a cryptocurrency research firm, stated that ETH's open interest has increased since the beginning of September. Funding rates remain neutral to negative, indicating a lack of direction on the market.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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