Bitcoin Turns Lower as Traders Rethink October Inflation Report
  The latest moves in crypto markets, in context Edited by Bradley Keoun November 11, 2021 Sponsored by  (Price data as of November 11 @ 12:47 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Lyllah Ledesma Bitcoin is down 5% in the last 24 hours after peaking at an all time high of around $68,950 on Wednesday.
Bitcoin's all-time high was reached just after the U.S. Consumer Price Index (CPI) report showed higher-than-expected inflation in October. The U.S. Department of Labor said in the report that the CPI rose 6.2% in October versus 12 months prior, the fastest pace in three decades.
At 21:00 coordinated universal time on Wednesday, the price of bitcoin dropped to $62,000, just a few hours after trading at around $68,950, representing a 10% decline.
The shakeout appeared to coincide with a turn lower in U.S. stock markets, as analysts digested the CPI report, according to IntoTheBlock's Juan Pellicer.
"The S&P 500 and Nasdaq reacted badly to the announcement," said Pellicer. This then influenced the crypto market, he said.
In a report early Thursday, Lennard Neo of Stack Funds wrote that the delayed market reaction in stocks and bitcoin might have stemmed from an end-of-day assessment that faster inflation might trigger a quicker response from the Federal Reserve to tighten monetary policy.
As signaled by CoinDesk earlier this week, a more hawkish tilt at the U.S. central bank might put downward pressure on prices of riskier assets.  Chart of bitcoin (blue) versus ether (light green) and the S&P 500 (dark blue) shows the asset prices dropping in tandem on Wednesday. (IntoTheBlock) Read the original story here:
Technician's Take by Bradley Keoun  Ethereum transactions spike  Chart shows a recent pickup in transactions on the Ethereum blockchain, plotted against the price of ether. (Source: Glassnode/Stacks Funds) The recent move higher in the price of ether (ETH) appears supported by an increase in transactions over the Ethereum blockchain, writes Lennard Neo, head of research for the cryptocurrency products issuer Stack Funds, in a newsletter on Thursday.
According to Neo, the 30-day moving average transaction count has spiked up 10% in the past two weeks.
"The consolidation that occurred since July should add further depth to support the next leg up," Neo wrote.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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