The deeper correction that analysts had been warning about hit the crypto market on Tuesday as Bitcoin (BTC) underwent a selloff that briefly erased all of its gains over the past week before dip buyers arrived to push it back above support at $35,500. Stocks surged at the market open and remained well into the green throughout the day as traders took the lower-than-expected Consumer Price Index report to mean that the Federal Reserve would not be raising interest rates in the near future.
This prompted many to adopt a risk-on approach that benefited equities, gold, and silver, to the detriment of Treasury yields and the U.S. dollar. At the market close, the S&P, Dow, and Nasdaq all finished higher, up 1.91%, 1.43%, and 2.37%, respectively. Data provided by TraingView shows that Bitcoin bulls started the day attempting to fend off bearish pressure at $36,400, but lost the battle during the morning trading session, resulting in a BTC plunge to a daily low of $34,76
Source: News Formal (newsformal.com)
Bitcoin Crypto Market Selloff Gains Dip Buyers Support Stocks Surge Federal Reserve Interest Rates Risk-On Approach Equities Gold Silver Treasury Yields U.S. Dollar Market Close S&P Dow Nasdaq Traingview Bearish Pressure Trading Session Plunge
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