Bitcoin fell below $74,000 on Wednesday, trading at $73,980, down 1.01%. Ethereum stood at $2,066, down 2.21%.
Why it matters
Hotter-than-expected US inflation strengthened expectations that the Federal Reserve would raise interest rates in December. Continued ETF outflows added selling pressure on Bitcoin.
The crypto market's total capitalization stood at $2.55 trillion, with Bitcoin accounting for 58.4%. The Fear & Greed Index registered 29, in fear territory.
Market impact
Ethereum's decline was larger than Bitcoin's in percentage terms. The Altcoin Index stood at 42 out of 100 as investors weighed the inflation and rate outlook.
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Frequently asked questions
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What strengthened expectations for a December Fed rate hike?
Hotter-than-expected US inflation strengthened expectations that the Federal Reserve would raise interest rates in December.
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How did ETF flows affect Bitcoin?
Continued ETF outflows added selling pressure on Bitcoin.
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How did Ethereum perform compared with Bitcoin?
Ethereum traded at $2,066, down 2.21%, while Bitcoin traded at $73,980, down 1.01%.
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What share of the crypto market did Bitcoin represent?
Bitcoin dominance stood at 58.4% of a crypto market valued at $2.55 trillion.
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What did the Fear & Greed Index show?
The index registered 29, placing it in fear territory.
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