Altcoins are leading declines, with majors like DOGE, SOL and MATIC shedding 6-7% in the past 24 hours.
, fifth largest digital asset by market cap, buckled below 60 cents for the first time since its mid-July court ruling-inspired rally. It’s now lower by 4.7% over the past 24 hours and 19% over the past month.
“Current price action is marked by unusually low volatility, low levels of leverage and speculative activity,” Matthew Sigel, head of digital asset research at investment manager VanEck, said in an with CoinDesk TV. “Falling volatility has been a trend for much of the past year despite the extreme events which led to the bankruptcy of every major crypto lender.”After being updated with the latest economic data, the Atlanta Fed's GDPNow model is now forecasting 5.8% U.S. GDP growth in the third quarter.
Also Wednesday were the release of the minutes from the U.S. Federal Reserve's July meeting of its Federal Open Market Committee . Among other things, the minutes said most officials still see upside inflation risks and the need to hike rates further. The two news items combined to help send the 10-year Treasury yield up five basis points to 4.27%, its highest level of 2023 and within a few ticks of a 15-year high. That put a further pinch in stocks, the Nasdaq falling another 1.15%, bringing its total losses in August to about 6%.
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