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Key takeaways
STX is the worst performer amongst the highest 100 cryptocurrencies by market cap to this point at present.
Stacks has misplaced greater than 9% of its worth at present and will file additional losses within the close to time period.
The broader market is stagnant forward of at present’s CPI readings.
STX dips by greater than 9% at present
STX, the native token of the Stacks ecosystem, is the worst performer amongst the highest 100 cryptocurrencies by market cap to this point at present. The coin has misplaced greater than 9% of its worth during the last 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 under the $0.6 psychological stage within the close to time period.
Crypto traders await the CPI readings
The Shopper Value Index (CPI) readings in the US will likely be revealed later at present. Cryptocurrency traders are awaiting the figures earlier than making their strikes, with volatility available in the market at the moment low.
The CPI will give traders perception into the present inflation scenario in the US. If the inflation figures improve, 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 price hike.
Bitcoin, the world’s main cryptocurrency by market cap, continues to commerce just under the $28k stage. The overall cryptocurrency market cap stands at $1.14 trillion, down by lower than 1% at present.
The publish Why is Stacks (STX) taking place: Can it keep above $0.6? appeared first on CoinJournal.
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