Summary
Cryptocurrencies and equities declined on Friday due to higher-than-expected inflation gauge. Bitcoin and ether both dropped, with BTC trading 6% lower and ETH losing about 7%. Economic data this week has not been positive for stocks, weakening the bullish mantra. The Federal Reserve is expected to hold rates through May.
Key Points
1. Cryptocurrencies and equities slid Friday, erasing gains from earlier this week as traders digested yet another hotter-than-expected inflation gauge.
2. Bitcoin and ether extended a decline that started Thursday morning. Bitcoin (BTC) was trading 6% lower, continuing to hover below $70,000, at time of publication, according to Coinbase. Ether (ETH) was also on the decline, losing about 7% in 24 hours to trade around $3,700.
3. The S&P 500 and Nasdaq Composite indexes also slipped early in Friday’s trading session, losing 0.6% and 1%, respectively. Equities have largely pared gains made earlier in the week, although analysts say given recent economic data, the decline is not as significant as expected.