Most crypto assets ended the day higher on Tuesday after new home sales fell 12.6% in July from the month before, the slowest pace since July 2016.
Bitcoin was recently trading 2% higher following the soft economic news and ether was up 4.8%. The tokens of blockchains Polkadot (DOT) and Avalanche (AVAX) traded more than 4% higher over the past 24 hours.
The drop in home sales offers the latest evidence that the U.S. Federal Reserve’s more aggressive approach to taming inflation is slowing the economy without casting it into a recession.
"Bad macro news continues to be good news, so lackluster U.S. home sales data makes for a more dovish Fed, a weaker U.S. dollar and a strong crypto complex," said Joshua Lim, head of derivatives at Genesis Trading.(Genesis is owned by Digital Currency Group, which also owns CoinDesk.)
Crypto assets started the week rattled as most traders focused on the Federal Reserve’s economic policy symposium that kicks off on Thursday. Fed Chair Jerome Powell is...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...