• Stacks (STX) has lost more than 9% of its value today and could record further losses in the near term.
• Cryptocurrency investors are awaiting the Consumer Price Index (CPI) readings before making their moves.
• Bitcoin is continuing to trade just below the $28k level, with the total cryptocurrency market cap at $1.14 trillion.
Why is Stacks (STX) Going Down?
Stacks (STX) is the worst performing top 100 cryptocurrency by market capitalization over the past 24 hours, having lost more than 9% of its value since yesterday. The STX token reached a weekly high of $0.81 but has since been in decline and currently stands at $0.6442 as of press time. With no apparent catalyst for this decline, there is a possibility that it could continue and push STX price below the psychological threshold of $0.6 in the near future.
Awaiting CPI Readings
Crypto investors are waiting on Consumer Price Index (CPI) readings from the United States to be revealed later today before taking any action. The CPI will provide insight into current inflation levels throughout America and should give an indication as to whether or not the Federal Reserve will continue its interest rate hikes – earlier this month they raised rates by 25 basis points, bringing them up to a 16-year high.
Bitcoin Price Stagnant
The leading cryptocurrency by market cap, Bitcoin, is currently trading just below $28k with no noticeable changes over recent days; similarly, total crypto market capitalization remains at around 1.14 trillion dollars without major fluctuations either way so far today .
What Can We Expect?
It’s hard to predict how things may change following today’s CPI readings; however, if inflation figures turn out lower than expected then we may see some reprieve for STX and other cryptocurrencies as pressure to increase interest rates eases off somewhat.
Conclusion
Overall it appears that STX is still experiencing downward pressure despite lack of catalysts behind this trend; though we can expect some respite if CPI readings come out lower than forecasted later on today – regardless we will have to wait and see what happens next!
