Why is Stacks (STX) going down: Can it stay above $0.6?

Key takeaways

  • STX is the worst performer amongst the top 100 cryptocurrencies by market cap so far today.

  • Stacks has lost more than 9% of its value today and could record further losses in the near term.

  • The broader market is stagnant ahead of today’s CPI readings.

STX dips by more than 9% today

STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues.

There is no catalyst behind STX’s ongoing poor performance. The cryptocurrency is correcting after rallying to its weekly high of $0.81. Over the past month, STX has lost more than 20% of its value after reaching a high of $0.9819.

At press time, the price of Stacks stands at $0.6442. If the bearish trend continues, STX could drop below the $0.6 psychological level in the near term. 

Crypto investors await the CPI readings

The Consumer Price Index (CPI) readings in the United States will be revealed later today. Cryptocurrency investors are awaiting the figures before making their moves, with volatility in the market currently low.

The CPI will give investors insight into the current inflation situation in the United States. If the inflation figures increase, the Federal Reserve could continue its interest rate hike.

Earlier this month, the Fed increased interest rates by 25 basis points, taking interest rates in the US to a 16-year high.

However, a lower inflation figure could see the Federal Reserve cool down its rate hike. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade just below the $28k level. The total cryptocurrency market cap stands at $1.14 trillion, down by less than 1% today.

All Dutch and English crypto news!

Atomic Wallet hack losses top $35M, on-chain sleuth reports

At least $35 million worth of crypto assets have been stolen from Atomic Wallet users since June 2, according to an analysis from on-chain sleuth...

Cryptocurrency markets’ low volatility: A curse or an opportunity?

Cryptocurrency markets are well-known for their volatility, where large price swings help investors create or lose fortunes. Yet there are often periods of relative stability...

5 free ChatGPT and generative AI courses

In the realm of technology, becoming proficient in using the most recent generation of generative artificial intelligence (AI) tools has quickly become essential. These tools, like ChatGPT...

Hack bij Atomic Wallet? Volledige crypto portfolio’s verdwenen

Een waarschuwing voor iedereen die gebruik maakt van crypto-wallet Atomic Wallet: er lijkt een hack te zijn. Gebruikers laten weten dat in sommige gevallen al...

Beste exchanges

Koop je crypto bij Bitvavo