EddieJayonCrypto

 17 Jun 24

tl;dr

The crypto markets experienced outflows, particularly in Bitcoin investment products, totaling $621 million last week due to a hawkish stance on interest rate cuts by the Federal Open Market Committee (FOMC). This was the largest figure since March 22. Grayscale's GBTC saw the worst impact with $273...

Altcoins saw minor inflows, but Bitcoin investment products experienced $621 million outflows following the FOMC's hawkish stance on interest rate cuts. U.S. inflation data exceeded expectations, yet Bitcoin plummeted to a four-week low as the FOMC maintained its benchmark rate range, impacting the broader digital asset market.

The crypto markets witnessed substantial outflows, primarily in Bitcoin investment products, totaling $621 million last week due to the FOMC's hawkish stance on interest rate cuts. This marked the largest outflow since March 22, with Grayscale's GBTC being the most impacted, recording $273 million in outflows. In contrast, altcoins such as ETH, LIDO, and XRP experienced minor inflows.

The FOMC's decision to hold its benchmark rate range led to Bitcoin's decline to $65,100, its lowest point in four weeks, despite U.S. inflation data for May meeting expectations. At the time of reporting, BTC was trading flat at $66,000, with the CoinDesk 20 Index (CD20) down by 1.75%.

Furthermore, the broader digital asset ecosystem saw a net outflow of $600 million, primarily driven by Bitcoin's losses. This reflects a shift from altcoins to Bitcoin investment products and marked the largest outflow since March 22. U.S. inflation data for May, measured by the Consumer Price Index (CPI), matched expectations, but the FOMC's economic outlook, forecasting just one 25 basis point rate cut this year, negatively impacted Bitcoin.

The FOMC's hawkish stance and Bitcoin's subsequent decline to a four-week low at $65,100 had ripple effects in the broader digital asset market, with the CoinDesk 20 Index (CD20) showing a 1.75% decrease. These events highlight the intricate interplay between macroeconomic decisions and the digital asset market's volatility.

More about ZEEKR Intelligent Technology Holding Limited

ZEEKR Intelligent Technology Holding Limited, an investment holding company, engages in the research and development, production, commercialization, and sale of electric vehicles and batteries.

Sector: Technology

Industry: General

Support Level: None

Resistance Level: None

RSI: 0

Moving Average: 0

Bollinger Bands: 0

Breakout: None

Pattern: 0

Trend: 0

More about DR Horton Inc

D.R. Horton, Inc. is a home construction company incorporated in Delaware and headquartered in Arlington, Texas.

Industry: Real Estate & Construction

Sector: Operative Builders

Market Cap: 47,019,168,000

P/E Ratio: 9.74

EPS: 1.1

Earnings Per Share (EPS) Growth: 14.66%

52-Week High: 110.59

52-Week Low: 0.134

Average Volume: 37,062,902,000

Price to Earnings Growth (PEG) Ratio: 167.08

Price to Sales (P/S) Ratio: 0.289

Price to Book (P/B) Ratio: 0.142

More about Core Scientific Inc. Common Stock

Company: Core Scientific Inc. Common Stock

Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.

Sector: Technology

Industry: Services-Computer Processing & Data Preparation

Market Cap: 542,047,000

Dividend Yield: None

EPS: 1.323

P/E Ratio: -0.491

Volume: 502,400,000

Stock Price: 6.75

52 Week High: 0

52 Week Low: 0.171

More about Argo Blockchain PLC ADR
Argo Blockchain PLC ADR Analysis

Argo Blockchain PLC ADR Technical Analysis Summary

Sector: FINANCE

Industry: FINANCE SERVICES

Volume: 74,453,000

Price Change: -0.6

Price Change (%) : 1.2

RSI (Relative Strength Index): -0.517

Market Cap: 56,134,000

EMA (Exponential Moving Average) 20: 1.17

EMA 50: -0.94

Bollinger Bands (20,2): 0.495

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
 9 Nov 24
 9 Nov 24
 8 Nov 24