BTC Price Sticks To dollar20K As US Stocks Lose Equal To 4 Bitcoin Market Cap
Bitcoin price sticks
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BTC Price Sticks Todollar20K As US Stocks Lose Equal To 4 Bitcoin Market Cap
The $1.6trillion US stock market loss put pressure on the crypto markets, with BTCprice action coming full circle to stay close to $20,000. Bitcoin (BTC)lost the $20,000 support overnight on September 14, when heated UnitedStates inflation reduced the riskier asset.
Marketstook a major hit to “fight the Fed”
From CointelegraphMarkets Pro and Trading View followed BTC/USD as it hit a low of $19,870 onBitmap – its worst since September 9. The move came amid a stock rout triggeredby the Consumer Price Index. (CPI) Inflation figures for August are coming inabove expectations.
Despitestill being lower than in July, the market had expected inflation to cool morebroadly and therefore a more rapid easing of policy by the Federal Reserve.With that prospect now appearing slim, the equity index hemorrhaged value,losing $154 billion to Apple The sixth largest daily loss in.
Historyof stock market "Themarkets were desperately trying to spin the bull case and fight the Fed, andit's a dangerous place," Carol Schleff, deputy chief investmentofficer for the BMO Family Office, told Bloomberg. Overall, US stocksfell by about $1.6 trillion that day -- more than four times the bitcoin marketcap. US With the Dollar Index (DXY) moving towards a twenty-year high, the U.S.Dollar strengthened.
At the timeof writing, the index was just under 110, less than 0.9% from the macro peakseen earlier in the month. “September” comes back to haunt BTCbulls. At the time of writing, cross-market crypto liquidations totaled $355million, with September 13 one of the largest long liquidation events in recentweeks.
Just as it was inevitable, Bitcoin's market capitalization is determined by the expectation of a large scale rally. However, crypto is under pressure after another round of market liquidations.