Ether, bitcoin track Nasdaq, S&P declines as new data keeps inflation fears in focus
Quick Take
- Bitcoin and ether were down more than 1% over the past 24 hours.
- Nasdaq and S&P futures pointed to losses after data showed persistent inflation.
Crypto and traditional assets sank after U.S. data showed inflation persisting.
Bitcoin traded down about 1.5% to $23,785 at 8:45 a.m. EST, while ether fell about 1% to around $1,639.
The price index for personal consumer expenditures rose 0.6% last month, and data for December was also revised higher. The estimate had been for a rise of 0.4% in the core index, according to Investing.com.
S&P 500 and Nasdaq futures were pointing to drops of more than 1% each, while crypt0-related stocks including Coinbase and Silvergate were trading lower pre-market.
Block, which reported better-than-expected revenue and profit for the fourth quarter despite getting hit by bitcoin, was up 5% before the open.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.