Markets: Bitcoin falls as crypto market loses steam, equities dip ahead of inflation data

Lachlan Keller

2 years ago

Bitcoin and Ethereum fell as most of the top 10 cryptocurrencies gave up ground made earlier in the week. BNB was the exception, posting a slight gain to round out a 15% price increase in the past seven days.

Fast facts

Bitcoin changed hands at US$23,216 as of 8:00 a.m. in Hong Kong, off 2.8% in the prior 24 hours. Ethereum fell 4.3% to US$1,707, according to data from CoinMarketCap.
BNB was up 0.6% to US$327.21, continuing its price rise since issuer Binance last week said it was extending its staking offerings to more tokens.
Solana saw the biggest losses in CoinMarketCap’s top ten, dropping 4.7% to US$40.47.
U.S. equity markets fell overnight, with the Dow Jones Industrial Average and the S&P 500 Index both ending down a little less than 1%, while the Nasdaq Composite Index fell 1.1%.
Investors are cautious ahead of the release of key inflation data on Wednesday. While many economists expect consumer prices in July rose just 0.2%, down from 1.3% in June, other recent inflation indicators, such as jobs, have exceeded expectations, suggesting the Federal Reserve will further raise interest rates.
The Consumer Price Index is one of three data sets related to inflation to be released on Wednesday, along with the Producer Price Index and unit labor costs, which measure all wages paid to employees.