The latest price moves in crypto markets in context for Nov. 13, 2024.
Bitcoin hit the brakes on its record-breaking rally on Wednesday after running into resistance at the $90,000 level.
Having briefly hit $90,100 on Coinbase during the U.S. afternoon on Tuesday, BTC succumbed to selling pressure, falling as low as $86,200 during the European morning. It subsequently recovered some ground to settle around $87,500, about 2.65% lower than its Tuesday highs.
Altcoins saw greater losses, with ETH and SOL falling by 3.6% and 2.8, respectively, in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index, dropped 1.4%.
The release of October U.S. consumer price data at 8:30 a.m. ET, could signal a period of sentiment change in the crypto market. The report is expected to show that the cost of living rose 2.6% year-on-year last month following a 2.4% increase in September.
Inflation data releases brought downside volatility to bitcoin in the first quarter, with BTC performing negatively as inflation remained almost double the target. For example, it fell as much as 7.5% on Jan. 12, when the U.S. reported a December figure that was the highest since June 1982.
President-elect Donald Trump confirmed plans to create a Department of Government Efficiency (DOGE), a clear nod to the dog-themed memecoin, with Elon Musk and Vivek Ramaswamy at the helm. The duo will work from outside the government to offer advice and guidance to drive large-scale structural reform and create an “entrepreneurial approach to Government never seen before.”
A CoinDesk analysis flagged in mid-October that the DOGE trade was gaining interest among investors for its memetic nature, and that there could be more chatter of “DOGE” in mainstream media and retail trading circles that fuels attention and interest in the token. The DOGE price has gained almost 250% in the past 30 days, reaching 2021 levels on Tuesday with traders now eyeing the $1 mark as a long-term target.
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