Bitcoin Remains Weaker on U.S. Rate-Hike Prospects
Dow Jones10-15 15:21
0721 GMT - Bitcoin remains under pressure after hitting a near one-month low overnight as Wednesday's higher-than-expected U.S. inflation data and growing expectations of further U.S. interest-rate rises weigh on cryptocurrencies, XS.com's Simon-Peter Massabni says in a note. Both headline and core inflation rose more than expected in September, boosting the probability of the Federal Reserve raising interest rates in October. "For cryptocurrencies, higher rates can reduce investors' willingness to take risks and increase the relative appeal of yield-bearing instruments," he says. Bitcoin falls 1.2% to $80,743 after reaching as low as $80,247 overnight, LSEG data show.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments