Determining “This Market’s Fate” – Crypto Now Preparing for Fed Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Dogecoin Swing

Bitcoin and cryptocurrency prices have collapsed this year in the face of “brutal” interest rate increases by the Federal Reserve as it battles rising inflation.

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Bitcoin’s price has fallen below $20,000 per bitcoin, down from around $70,000 late last year, while Ethereum and other top 10 cryptocurrencies also crashed BNB, XRP, solana, cardano, and dogecoin — despite some developments that Changed the rules of the game.

Now, after this week’s stronger-than-expected US jobs report sent bitcoin’s price sharply lower, all eyes have turned to the latest Consumer Price Index (CPI) report, due on Thursday, which some believe will “decide the fate” of this market.

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More Forbes ‘Get Your Money Now’ – Elon Musk and the PayPal Mafia Lead a ‘Crazy’ Backlash Against Shock Fault This Is the ‘Best Thing’ Ever Happened to Bitcoin and Cryptocurrency

Bitcoin price collapsed by about 70%, wiping out about $2 trillion of cryptocurrency combined… [+] Market like Etherum, BNB, XRP, solana, cardano, and dogecoin.

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“Next week the CPI will decide the fate of this market,” one influential business analyst posted on Twitter after data showed that US employers added 263,000 jobs in September, down from 315,000 in August but higher than the expected 255,000.

“With this jobs report, it seems clear that we are on track for another big Fed increase, with market pricing at 75. [basis point] “Rate rates will rise at its next meeting,” Paul Craig, portfolio manager at Quilter Investors, told Coindesk.

The September CPI is expected to slow slightly from the previous month, and is expected to fall to 8.1% on an annual basis. A larger-than-expected slowdown in price hikes may mean that the Fed is easing its rate hike program.

The latest reading of the US CPI at 8.3% showed that prices continued to rise even though the Federal Reserve began a series of historic interest rate hikes this year, torpedoing stock markets and cryptocurrency prices.

“Concerns are mounting on all fronts after the latest strong snapshot of the US labor market,” Susanna Streeter, chief investment and markets analyst at brokerage Hargreaves Lansdown, said by email. At the same time, investors are concerned that the decline in the pace of employment indicates a slowing economy, but also that better-than-expected data shows that job markets have not slowed enough to prevent the Federal Reserve from raising interest rates significantly.

The bitcoin and cryptocurrency market, after touching $3 trillion last year, has lost as much as $2 trillion in less than 12 months in what has been described as the latest crypto winter. The cryptocurrency market has previously gone through cycles of boom and bust with the last crypto winter lasting from 2018 to late 2020. This week, a cryptocurrency founder predicted how long the crypto winter could last.

“We will need to see some consistent economic slowdown numbers before the Fed’s pivot trade becomes a reality,” William Marsters, chief sales trader at Saxo, said in an email note. “The CPI numbers and FOMC minutes next week will continue to build the picture for the outlook.”

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More FORBESFed Warning: Here’s How Long the ‘Brutal’ Winter of Bitcoin, Ethereum, and Crypto Price Could Last

Bitcoin price has been in a downtrend for almost a year, which is causing the price to drop… [+] ethereum, BNB, XRP, solana, cardano and dogecoin.

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Expectations have been building this week that the Federal Reserve may be about to swing into a peaceful direction on its anti-inflation journey, as a closely watched analyst predicts that the price of Bitcoin and Ethereum may be about to “overtake most major assets.”

However, Minneapolis Fed President Neil Kashkari said this week that the central bank has “more work to do.”

“Until I see some evidence that core inflation has peaked strongly and is hopefully reversing, I am not ready to declare a halt,” Kashkari said.

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