MARKET WRAP: Macroeconomic news continues to shape crypto price moves; $BTC trades flat, but hovers above $20K. GWilliamsJr_CMT and _jocelynyang_ report
Ten-year Treasury yield daily close: 3.76%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atBTC prices spent much of Wednesday toggling above and below $20,000, as the largest cryptocurrency by market cap continues to trade in a tight range.
Today’s better-than-expected ADP jobs data is having the opposite effect, giving the Fed additional cover to follow through on its intentions to push interest rates aggressively higher. The CME FedWatch tool continues to project another hefty 0.75-percentage-point rate hike in November. Often an increase in the balance of stablecoins implies additional buying pressure for an asset, whereas the increased supply of cryptocurrencies , implies increased selling pressure.
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