• Stacks (STX) is the worst performer amongst the top 100 cryptocurrencies by market cap today as it has lost more than 9% of its value.
• Investors are awaiting Consumer Price Index (CPI) readings later today to decide their next course of action in the crypto market.
• Bitcoin continues to trade just below the $28k level and the total cryptocurrency market cap stands at $1.14 trillion, down by less than 1%.
Stacks (STX) Dips By More Than 9% Today
STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues. There is no catalyst behind STX’s ongoing poor performance. The cryptocurrency is correcting after rallying to its weekly high of $0.81. Over the past month, STX has lost more than 20% of its value after reaching a high of $0.9819. At press time, the price of Stacks stands at $0.6442. If the bearish trend continues, STX could drop below the $0.6 psychological level in the near term.
Crypto Market Awaiting CPI Readings
The Consumer Price Index (CPI) readings in the United States will be revealed later today and cryptocurrency investors are awaiting them to make their moves with volatility in this market currently low. The CPI will give investors insight into inflation situation prevailing in United States which could either result in Federal Reserve continuing its interest rate hike or cooling down if lower inflation figure is registered during this period.. Earlier this month, Fed increased interest rates by 25 basis points taking interest rate in US to 16-year high but it may backtrack from there depending on CPI results later today..
Bitcoin Trading Just Below The 28K Level
Bitcoin, world’s leading cryptocurrency by market cap continues to trade just below 28K level as total crypto currency market capitalization stands at 1 point 14 trillion dollars which is almost unchanged from yesterday’s figures.. This shows that despite some coins performing better or worse traders are not willing to take big positions until they receive clarity about direction Fed will take on interest rates due to upcoming economic data release later today..
Will Stacks Stay Above 0.6?
It remains unclear whether Stacks can stay above 0.6 psychological levels or not as bearish trend could continue if macroeconomic conditions remain same and any new developments regarding same are unlikely due change before end of day Tuesday.. However if Federal Reserve decides against increasing interest rates then we may see some bullish action as traders start investing money back into crypto currencies again..
The overall crypto markets have been stagnant ahead of tomorrow’s announcement regarding consumer price index and how Federal Reserve responds towards it’ll decide future direction for BTC and other altcoins like STX so traders must be cautious about making any big decisions until all information related same has been released publicly..