Crypto Stocks Plunge as Bitcoin Slides to $18.1K on Inflation Data – Yahoo Finance





It's a rough session for equities in general and crypto stocks in particular after Thursday morning's Consumer Price Index (CPI) report showed core inflation in September unexpectedly rising to a four-decade high of 6.6%. Headline inflation was 8.2%, also topping economist forecasts.
The news sent bitcoin (BTC) tumbling to $18,100 – not far off from its 2022 low of $17,600. At press time, the price has bounced modestly to $18,400. The major U.S. stock market averages all fell more than 2%, but are currently trying to mount a mid-morning bounce, with the S&P 500 narrowing its decline to just 1%.
Among the mining stocks, Marathon Digital (MARA) is trading lower by 7%, with Riot Blockchain (RIOT) and Core Scientific (CORZ) down similar amounts. U.K. miner Argo Blockchain (ARBK) continued to underperform the rest of the sector, down 16.5% to add to its losses following last week's decision to raise capital.
In an Oct. 12 research note, Roth Capital analyst Darren Aftahi downgraded his recommendation on Argo to neutral from buy, with a $2 price target. While Argo has taken steps to stabilize its balance sheet, wrote Aftahi, growth will become limited and the company may begin to lose market share versus other miners. Rising power costs alongside stagnant bitcoin prices are also a headwind for the company's margins, he said.
MicroStrategy (MSTR), the company that holds 130,000 BTC ($2.4 billion worth, and falling), is lower by 6.7%, while crypto exchange Coinbase (COIN) is down 11.5%.
UPDATE (Oct. 13, 2022 15:40 UTC): Updates with commentary on Argo Blockchain's stock downgrade.
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BTC stabilized around $19,100 as stocks gained ahead of the release of the Consumer Price Index (CPI) inflation data.
SPY swung from a 2.4% loss to a 2.6% gain by market close.
U.S consumer prices increased more than expected in September and underlying inflation pressures continued to build up, reinforcing expectations that the Federal Reserve will deliver a fourth 75-basis points interest rate hike next month. The consumer price index rose 0.4% last month after gaining 0.1% in August, the Labor Department said on Thursday. Economists polled by Reuters had forecast the CPI climbing 0.2%.
The outlook for jobs and spending may be chief among concerns for investors heading into third-quarter U.S. earnings as expectations increase that the Federal Reserve will need to keep an aggressive approach to hiking interest rates. Stocks have struggled recently, with the S&P 500 falling for a sixth straight session Wednesday, partly because of mounting fears among investors that the aggressive stance by the Fed could tip the world's largest economy into recession and raise unemployment rates. Data Thursday reinforced expectations the Fed will deliver a fourth 75-basis-point rate hike next month, with a report showing U.S. consumer prices increased more than expected in September.
Regulators are allowing more ships in the water, capacity is up, and mask and vaccine restrictions are lifting. So why are investors bailing?
The Dow Jones Industrial Average fell Wednesday on hot inflation data. Minutes from Federal Reserve's policy meeting are due out today.
The annual U.S. inflation rate eased for three months in a row to 8.2% in September. But the data came in at higher than market expectations.
CRYPTO UPDATE All of the largest cryptocurrencies were down during morning trading on Thursday, with Bitcoin Cash (BCHUSD) seeing the biggest move, dropping 6.12% to $105.27. Ethereum (ETHUSD) shed 5.
FalconX 360 seeks to make risk management and liquidity visibility more accessible for institutional crypto investors.
Strong U.S. consumer-price index readings were responsible for some of the stock market's biggest one-day selloffs of 2022. Investors are bracing for the next report.
Wall Street stocks finished a topsy-turvy session with strong gains Thursday following disappointing inflation data, while the pound rallied and the yen hit a new multi-decade low.
Canada's main stock index rose on Thursday, rebounding from its lowest intraday level in 20 months, as investors covered short positions that they had put in place in anticipation of hot U.S. inflation data. The Toronto Stock Exchange's S&P/TSX composite index ended up 407.35 points, or 2.2%, at 18,613.63, ending a streak of five straight daily declines. "We had discounted already a bad (inflation) number and a bad market and I am sure we were oversold aggressively," said Paul Gardner, a portfolio manager at Avenue Investment Management.
Yahoo Finance's Jared Blikre breaks down the latest market action following today's consumer price inflation data. 
Indian government bond yields ended marginally lower on Thursday, after local retail inflation reading came in largely in line with expectations, while focus shifts to U.S. reading due later in the day. "Currently, both domestic and external factors support continued front-loading of rate hikes by the RBI," said Gaura Sen Gupta, an economist with IDFC First Bank. "In case the (U.S.) Federal Reserve hikes policy rates by 75bps in November, then a 50 bps hike by RBI would be more likely in December."
Lightspeed Commerce Inc. (NYSE: LSPD) (TSX: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, today released the registration and attendance information for its Capital Markets Day at Lightspeed Headquarters in Montreal on Tuesday, November 15, 2022.
Risk-sensitive assets were clawing back losses and moving into positive territory after the release of CPI inflation data.
Addressing Bitcoin’s energy-intensive proof-of-work model would encourage greater institutional adoption, according to one chief executive who has focused on sustainability for more than eight years. Bradford Van Voorhees, CEO and co-founder of Sustainable Bitcoin Protocol, told CoinDesk that negative media, misperceptions of Bitcoin’s environmental impact and its sizable energy consumption all currently hinder institutional adoption. “The problem with the Bitcoin network is that there’s lots of miners who are not using clean energy sources,” Voorhees said in an interview.
In this article, we discuss 10 best inflation stocks to buy according to hedge funds. If you want to read about some more inflation stocks, go directly to 5 Best Inflation Stocks to Buy According to Hedge Funds. Inflationary pressures in the past few months have forced the Federal Reserve in the United States to […]
The stock market took it literally on Thursday with a massive rally following an inflation reading that everyone agreed was way too hot. The CPI rose 0.4% in September, up from 0.1% in August, and above estimates for 0.2%. Core consumer prices, which don’t include food and energy, rose 0.6%, above forecasts for 0.4%, and unchanged from August.
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