11 Mar Bitcoin’s Volatility on US Inflation Reports and Stacks’ STX 33% Explosion (Market Watch)
The past 24 hours were once again filled with considerable volatility, although it failed to result in any significant directional change for Bitcoin and the majority of altcoins. The market is pretty much where it was yesterday, but there were some notable events.
Bitcoin’s Volatility Fails to Produce Directional Change
Bitcoin’s price might have calmed down at around $39,000 – at the time of this writing – but this doesn’t mean that there was no volatility.
Yesterday – March 10th – the US Bureau of Labor Statistics released the numbers for the Consumer Price Index, and it clocked in at 7.9% – the highest in decades. The CPI is widely used to gauge inflation, although many claim that actual numbers are much higher. In any case, the report usually ends up causing serious volatility in the markets, and this time was no exception.
As CryptoPotato reported, the BTC price went from $39K to $40.3K, and then it crashed to $38,500 in a matter of minutes, creating a vicious hourly candle.
While the move left over $44 million liquidated positions in less than an hour, it failed to result in any considerable directional change. Bitcoin’s price is still chopping around $39,000.
Stacks (STX) Soars 33%
All in all, the broader cryptocurrency market is where it was yesterday, and there are no major moves from top altcoins, as seen in the heatmap below.
However, STX – the native cryptocurrency of the Stacks ecosystem – skyrocketed by more than 30% in the past 24 hours. This came as a result of the news that OKCoin will provide considerable financial support to the project. It also made STX the best performer in the past 24 hours, followed by Kadena’s KDA (22%) and RUNE (16.4%).
On the other end of the spectrum, we have AR that’s down 9% and SNX that’s down about 8%.
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