updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Dogecoin DOGE/USD is trading lower by 5.83% to $0.06 Tuesday morning after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
What Happened?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.
Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain…Read More
Shares of several popular altcoins, including Dogecoin DOGE/USD, are trading lower Monday in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto, Ethereum ETH/USD.
The broader cryptocurrency sector was lower throughout weekend trading, and volatile throughout Monday’s trading session amid ongoing U.S. economic concerns and ahead of this week’s CPI report.
Morningstar reported the analyst consensus expects CPI to come in at elevated levels at 8.8%, which is slightly higher than the 8.6% reading in May. Stocks across sectors and cryptocurrencies fell in June amid overall market weakness after CPI data showed prices rose in May. Rising inflation has caused concerns about a slowdown in economic activity, which could impact the broader crypto sector.
In June, according to the Bureau of Labor Statistics, the all-items CPI figure increased 8.6% for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
Recent weakness for cryptos is also in sympathy with the overall stock market as traders continue to digest recent Federal Reserve rate hike announcements. Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
According to data from Benzinga Pro, Dogecoin is trading lower by 6.45% to $0.06177 Monday evening.