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Leading cryptocurrencies plunged on Monday, October 12, as geopolitical uncertainty and upcoming inflation data kept investors on edge.
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Leading cryptocurrencies posted steady gains on Tuesday, October 13, as investors awaited September’s consumer inflation data against a backdrop of elevated oil prices.
Bitmine Immersion Technologies, which holds 4.9% of all Ethereum in circulation ($15.5 billion), plans to stop buying ETH once it reaches the 5% threshold. The author argues this is bearish for Ethereum because Bitmine has been the most persistent buyer over the past 12 months, employing a dollar-cost averaging strategy. With this major demand source disappearing and shifting to yield maximization strategies instead, Ethereum investors may face reduced price support.
Bitmine buys 12,532 Ethereum, nearing its 5% supply target as Tom Lee predicts crypto’s biggest bull cycle yet.
U.S. stock futures were higher on Wednesday, as the Dow Jones, S&P 500 and Nasdaq 100 indices rose, following Tuesday's lower close.
Susan Collins, president of the Boston Federal Reserve, said on Tuesday, October 13, that the Federal Reserve may need to raise interest rates again before year-end as inflation remains above target.
Cryptocurrency punters see little chance of President Donald Trump invoking war powers to confront the Houthis in Yemen, despite his recent threat directed at the Iran-backed group.