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Crypto
Source: Newsmaker.id
Bitcoin is trading around US$73,850, while Ethereum is hovering near US$2,063 as of Wednesday (November 11). Amid a cautious market following US inflation data that came in higher than expected, Bitcoin has shown relative resilience, even as pressure on risk assets persists. Investing.com
Major altcoins are trending lower. Solana is trading around US$82.88, XRP at US$1.06, and BNB near US$679.70. This weakness indicates that market pressure is not limited to Bitcoin but has extended to several other key crypto assets. Investing.com
Meanwhile, the US Dollar Index remains above the 102 level, as hotter-than-expected US CPI data reinforces expectations for a Federal Reserve interest rate hike in December. The market currently assigns a high probability to a 25-basis-point increase, with some investors beginning to factor in the possibility of a more aggressive hike.
These conditions pose a challenge for the crypto market, as higher interest rates typically dampen appetite for risk assets. A strengthening dollar also exerts additional pressure, given that most crypto assets are denominated in US dollars.
Separately, developments in the AI sector have drawn attention, with reports suggesting that Anthropic’s IPO valuation could potentially reach US$1.5 trillion or more. Google, Nvidia, and Microsoft are also reportedly set to invest approximately US$26 billion through private placements, making the evolution of the AI industry a key sentiment factor for investors.
Newsmaker Analysis: The crypto market is currently facing pressure from a strong dollar and expectations of higher Federal Reserve interest rates. Bitcoin remains the primary focus for investors, while the movements of Ethereum, Solana, XRP, and BNB suggest that investors remain cautious toward altcoins. (arl)
Source: Newsmaker.id