Bitcoin traded at $73,542 on Thursday, down 0.61%, as stronger-than-expected U.S. inflation fueled expectations of Federal Reserve rate hikes. Ethereum fell 0.89% to $2,048.
Why it matters
A stronger dollar and falling technology stocks added pressure to crypto markets. The total crypto market capitalization stood at $2.52 trillion, while Bitcoin dominance was 58.6%. The Fear & Greed Index registered 28, in fear territory.
Market impact
MSCI removed Strategy, the company behind MSTR, from its USA Index, forcing index funds to sell by Nov. 30. Separately, a Texas bill would allow cities and counties to invest $10 million in crypto.
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Frequently asked questions
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What added to pressure on crypto markets besides inflation?
A stronger dollar and falling technology stocks added to pressure on crypto markets.
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How did Ethereum trade alongside Bitcoin?
Ethereum traded at $2,048, down 0.89%, while Bitcoin was down 0.61% at $73,542.
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What did the Fear & Greed Index show?
The index registered 28, placing it in fear territory.
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What does Strategy's MSCI index removal mean for index funds?
MSCI's removal of Strategy from its USA Index forces index funds to sell by Nov. 30.
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What would the Texas crypto bill allow local governments to do?
The bill would allow Texas cities and counties to invest $10 million in crypto.
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