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.
RELATED INDICES
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.
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