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Key takeaways
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STX is the worst performer amongst the highest 100 cryptocurrencies by market cap thus far as we speak.
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Stacks has misplaced greater than 9% of its worth as we speak and will report additional losses within the close to time period.
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The broader market is stagnant forward of as we speak’s CPI readings.
STX dips by greater than 9% as we speak
STX, the native token of the Stacks ecosystem, is the worst performer amongst the highest 100 cryptocurrencies by market cap thus far as we speak. The coin has misplaced greater than 9% of its worth over the past 24 hours and will expertise additional bearish development continues.
There is no 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 price of Stacks stands at $0.6442. If the bearish development continues, STX might drop beneath the $0.6 psychological degree within the close to time period.
Crypto traders await the CPI readings
The Consumer Price Index (CPI) readings within the United States can be revealed later as we speak. 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 within the United States. 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.
However, a decrease inflation determine might see the Federal Reserve calm down its fee hike.
Bitcoin, the world’s main cryptocurrency by market cap, continues to commerce just under the $28k degree. The whole cryptocurrency market cap stands at $1.14 trillion, down by lower than 1% as we speak.
The publish Why is Stacks (STX) going down: Can it stay above $0.6? appeared first on CoinJournal.
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