U.S Inflation Falls to 6.4%, Higher than Expected, What Does this Mean?

Inflation in the United States slowed and increased at an annual rate of 6.4% in January, according to data issued by the Bureau of Labor [...]

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Crypto, stocks slammed after hot US inflation data

Cryptocurrencies prices fell on Thursday morning as the total crypto market cap tanked by more than 4% to around $919 billion.

In the specific digital asset markets, Bitcoin (BTC/USD) dropped by more than 4% to trade at lows of $18,300. As Invezz highlighted earlier today, Bitcoin price had retreated below $19,000 amid negative sentiment ahead of the US Consumer Price Index (CPI) data release.

Meanwhile, Ethereum (ETH/USD) led a broader decline across the altcoin space with nearly 7% in sharp losses, the sell-off triggered by risk assets market reaction to the latest US inflation data released at 08:30 am ET today.

Wall Street also opened sharply lower after consumer prices rose year over year and month on month, the hot data showing inflation was at 40-year highs during September. The last time inflation rose to these levels was in 1982.

The S&P 500 fell by more than 2%, while Nasdaq slumped nearly 3% and the Dow Jones Industrial dropped over 500 points in early trades. The losses saw premarket gains go up in smoke as the 0.4% CPI jump in September beat the expected 0.2% gain. Core CPI rose 0.6% from the previous print, with the hotter-than-expected inflation readings up 8.2% YoY and 6.6% YoY for overall CPI and core CPI respectively.

The inflation readings suggest the Federal Reserve will press on with the aggressive rate hikes approach – the next raise now expected to be by another 75 basis points.

Economist Peter Schiff says the Fed is “losing the fight against inflation” and that it will “soon surrender.”

Another hotter than expected #CPI surprised investors. Sept. CPI rose .4%, double expectations. YoY prices rose 8.2%. The 6.6% YoY rise in core CPI is the most since 1982. OER had biggest monthly spike since 1990. The #Fed is losing its #inflation fight. Soon it will surrender.

The outlook is also shared by Steve Liesman, a senior economics reporter at CNBC, who believes the Fed is unlikely to pivot in the face of the latest inflation readings.

He told CNBC’s ‘Squawk Box’ that “you can’t even say inflation has peaked yet.”

"There is just nothing in here to tell you that there is reason for the Fed to pivot," says @steveliesman on the latest inflation data. "You can't even say inflation has peaked yet." pic.twitter.com/LaySWOlGza

The post Crypto, stocks slammed after hot US inflation data appeared first on Invezz.

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ApeCoin Climbs 4.3% In Last 7 Days – Where’s APE Getting All That Energy?

ApeCoin (APE), the Bored Ape Yacht Club token, has been rallying over the past week with gains registering at a peak of 4.3% and trading at the $5.12 level. APE shows energy, rallies 4.3% in the past seven days Coin impacted by general crypto slump US inflation also weighing down on crypto price APE is a busy bee and apparently, the recent uptick enjoyed by APE is said to have been ushered by current projects or developments in the network. The Ape Foundation has recently rolled out a couple of recommendations in line with the Decentralized Autonomous Structure (DAO) election procedure. In the event that these proposals are approved, there would be a rolling election instead with an election of council members every three months. Related Reading: NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume ApeCoin Recent Developments Contributed To Its Surge With the rest of the other altcoins having a hard time breaking through, quite the opposite is happening for ApeCoin. APE price has surged and looking bullish. However, the plunge in the value of crypto is dubbed to be of the reasons why APE isn’t gaining traction. ApeCoin has recently posted on Twitter stating that this provides an increasingly stable ecosystem to haul in new members and so far, ensures the consistency of the DAO to manage and transfer knowledge and expertise to the community. Community members have been recommending broader representation from individuals who do not have existing affiliations with crypto-backed organizations to avoid any conflict of interests. Currently, the Ape Foundation is composed of Amy Wu (FTX Ventures), Yat Siu (Animoca Brands), Alexis Ohanian (Reddit), Maaria Bajwa (Sound Ventures), and Dean Steinback (Horizon Labs). Crypto Market Experiencing Downtrend According to CoinMarketCap, ApeCoin’s price had nosedived by 4.05% or trading at $4.73 as of this writing. The crypto market has been experiencing a downtrend recently with the total market cap sliding to below $1 trillion as observed in the past 24 hours. Evidently, the king of crypto, Bitcoin, failed to climb or show any improvement as it trades at roughly $20,000 yesterday. U.S. inflation seems to be severely impacting crypto prices. So, it is indeed the crypto market’s overall dilemma that prevents ApeCoin from moving further up north. Another factor that is preventing the gains of ApeCoin is the current dollar strength. The U.S. dollar is on an upward trend since Thursday as it shoots through previous highs in line with the U.S. Federal Reserve trying to tame inflation. Related Reading: Why Celsius Investors Don’t Seem Upbeat Despite CEL Rallying 30% Their efforts are seen to work with the U.S. dollar remaining stable at 109.84. More so, the risk-off market sentiment has also helped the U.S. dollar, increasing the demand for fiat currencies such as the U.S. dollar. Judging by the technical side, APE seems to have gained support at the $4.95 zone and a breach below this mark could allow the coin to capsize further until it touches the support zone of $4.35.  On the other hand, the daily timeframe revealing an upward trendline is beneficial to altcoins. On the flip side, a breach at the $4.35 level could trigger a downtrend for the APE/USD pair to funnel down to as low as $3.12. APE total market cap at $1.46 billion on the daily chart | Source: TradingView.com Featured image from The VR Soldier, chart from TradingView.com

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Peter Schiff Warns Investors of 2 ‘Huge Surprises’ — Foresees Inflation Too High for Fed Rate Cuts to Stimulate Economy

Economist Peter Schiff says investors are in for “two huge surprises.” Noting that the Federal Reserve has already lost its fight against inflation, he explained that by the time the U.S. economy officially enters a recession, inflation will be too high for the Fed to “stimulate” with interest rate cuts. Peter Schiff Sounds Alarm on [...]

The post Peter Schiff Warns Investors of 2 ‘Huge Surprises’ — Foresees Inflation Too High for Fed Rate Cuts to Stimulate Economy appeared first on Crypto Breaking News.

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Will Crypto Prices Pump If US CPI Data This Week Shows Inflation Declining? – Trader Predictions

Expectations are that Wednesday’s CPI data in the US will show a fall in inflation, which some traders expect may benefit risk-on assets like cryptocurrency. [...]

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