The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Bitcoin retreats from all-time high, followed by ether

3 min reading

Bitcoin price is decreasing after reaching a record high level followed by Ethereum.


Bitcoin cash price has fallen 5% in the last 24 hours after hitting an all-time high around $68,950 on Wednesday. Bitcoin value peaked immediately after the United States Consumer Price Index (CPI) report, which showed higher-than-expected inflation in October. The US Department of Labor said in a report that the October CPI rose 6.2 percent from 12 months, the fastest pace in three decades. At 21:00 UTC on Wednesday, Bitcoin price was down to $62,000 just hours after trading around $68,950, a 10% drop.

Juan Pelizer at IntoTheBlock said the surprise appeared to coincide with a downturn in US equity markets when analysts took over the CPI report. "The S&P 500 and Nasdaq reacted badly to the announcement," Pelizer said. This then had an impact on the crypto market, he said. In a report Thursday morning, Leonard Neo of Stack Funds wrote that the market's slow response to stocks and bitcoin could be due to the end-of-day view that faster inflation could trigger a faster Federal Reserve response to monetary tightening.

What is the relationship between Bitcoin and stocks?

The whole situation indicates the closing prices of US stock indices, along with BTC and Ether (ETH), the second largest crypto business by market cap, over a seven-day period. It depicts a bearish reaction - perhaps at the end of the day - to the inflation message. According to the latest data, the 90-day correlation between Bitcoin and the S&P 500 has increased from around zero in June – a signal of no real correlation – to around 0.3% now, which is a slightly positive price relationship. Laurent Xis, director of CEC Capital, said he saw high demand for BTC late Wednesday amid falling prices. According to Kssis, the reason for the decline was unclear, but it was exacerbated by the liquidation of long trading positions.

Ether Price, ADA Price, SOL Price

Ethereum price also hit a high on Wednesday at $4,851. It was down 2% during the day during press. Ether is up 35% over the previous month. “I believe that ETH will overtake BTC by the end of this year,” said Daniel Kukan, senior cryptocurrency trader at Swiss Crypto Finance AG. Other green smart contract tokens include Solana's SOL token, which is up 2% in the last 24 hours and is trading at $241, slightly lower than its all-time high on November 6. ADA Cardano is down 4% and DOT Polkadot is down 2.5% over the last 24 hours.

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.