Key takeaways
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STX is the worst performer amongst the highest 100 cryptocurrencies by market cap up to now at the moment.
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Stacks has misplaced greater than 9% of its worth at the moment and will report additional losses within the close to time period.
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The broader market is stagnant forward of at the moment’s CPI readings.
STX dips by greater than 9% at the moment
STX, the native token of the Stacks ecosystem, is the worst performer amongst the highest 100 cryptocurrencies by market cap up to now at the moment. The coin has misplaced greater than 9% of its worth over the past 24 hours and will expertise additional bearish pattern continues.
There isn’t any catalyst behind STX’s ongoing poor efficiency. The cryptocurrency is correcting after rallying to its weekly excessive of $0.81. Over the previous month, STX has misplaced greater than 20% of its worth after reaching a excessive of $0.9819.
At press time, the worth of Stacks stands at $0.6442. If the bearish pattern continues, STX might drop beneath the $0.6 psychological stage within the close to time period.
Crypto traders await the CPI readings
The Client Value Index (CPI) readings in the US will likely be revealed later at the moment. Cryptocurrency traders are awaiting the figures earlier than making their strikes, with volatility out there at the moment low.
The CPI will give traders perception into the present inflation scenario in the US. If the inflation figures enhance, the Federal Reserve might proceed its rate of interest hike.
Earlier this month, the Fed elevated rates of interest by 25 foundation factors, taking rates of interest within the US to a 16-year excessive.
Nevertheless, a decrease inflation determine might see the Federal Reserve quiet down its charge hike.
Bitcoin, the world’s main cryptocurrency by market cap, continues to commerce slightly below the $28k stage. The entire cryptocurrency market cap stands at $1.14 trillion, down by lower than 1% at the moment.
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