Stacks (STX) Continues to Plunge: Is $0.6 the Bottom?
• STX, the native token of the Stacks ecosystem, has lost more than 9% of its value today and could record further losses in the near term.
• The broader market is stagnant ahead of today’s Consumer Price Index (CPI) readings.
• Bitcoin continues to trade just below the $28k level with the total cryptocurrency market cap standing at $1.14 trillion.
Why is Stacks (STX) Going Down?
The native token of the Stacks ecosystem, STX, has experienced a significant drop in value over the last 24 hours, losing more than 9%. This bearish trend could continue in the near future if no catalysts emerge. In addition, investors are awaiting CPI readings which could affect other major cryptocurrencies such as Bitcoin.
Market Performance
STX is currently trading at $0.6442 after reaching a weekly high of $0.81 earlier this month and recording a 20% loss overall since then. As well as STX’s poor performance today, other major cryptocurrencies have also seen stagnation in their prices with Bitcoin trading just below the $28k level and the total crypto market cap currently standing at $1.14 trillion – both down less than 1%.
Consumer Price Index Readings
Today’s Consumer Price Index (CPI) readings will give investors insight into inflation around the United States as well as potentially influencing Federal Reserve decisions on interest rates. If inflation figures increase, it could cause further hikes on interest rates; however, if they decrease it may lead to cooling off from current levels by The Fed.
Potential Impact
The results from today’s CPI readings have potential to influence not only STX but also other major cryptocurrencies like Bitcoin due to its effect on Federal Reserve decisions concerning interest rates and inflation levels across America. Therefore, investors are likely to be watching closely as these figures come out later today before making any moves regarding their investments in cryptocurrency markets across