Stacks (STX) Plunges: Will it Stay Above $0.6?

Mai 11, 2023 0 Comments

• 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.
• Cryptocurrency investors are awaiting the figures before making their moves, with volatility in the market currently low.
• 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.

Stacks (STX) Price Drops

STX, the native token of the Stacks ecosystem has dropped more than 9% of its value over a 24 hour period and is currently trading at $0.6442 USD. This is a large drop from its weekly high of $0.81 USD and also a 20% decrease from its peak at $0.9819 USD in April 2021 .

Investors Awaiting CPI Readings

Cryptocurrency investors are awaiting Consumer Price Index (CPI) readings in order to decide how to act in terms of investing as volatility in crypto markets is currently low. A higher CPI will mean that Federal Reserve will continue to raise rates while lower CPI might trigger cooling off rate hike action from Federal Reserve’s side .

Bitcoin Trading Below $28K Level

The world’s leading cryptocurrency by market capitalization Bitcoin (BTC) is trading just below $28K level despite a slight fall from earlier highs recently seen . Total cryptocurrency market capitalization stands around $1 billion which shows an overall downward trend as well .

Can STX Stay Above $0.6?

It remains uncertain whether STX can remain above this psychological price level or not given current bearish trend it is experiencing but it is possible that further drops may be seen if current situation persists . Investors should watch out for upcoming CPI readings as they might give an insight into future prospects of STX and other top 100 cryptocurrencies by market capitalization .

Conclusion

STX has lost tremendous value since reaching its peak earlier this year and could experience further losses if bearish sentiment continues . Investors should closely monitor upcoming CPI readings as they might provide insight into Federal Reserve’s potential future monetary policy decisions which would then affect crypto markets as a whole .