It’s looking like a red Christmas. Bitcoin hit new month-to-date lows on Dec. 7 as Asian markets fell during trading. (Reporting via WilliamSuberg)
With Bitcoin markets still calm compared to November's intense volatility, analysts continued to look for upcoming macro cues.These were firmly in the form of next week's United States Consumer Price Index print, due Dec. 13.
For trading firm QCP Capital, there was reason to believe that the numbers might favor risk assets when it comes to declining inflation. "With retailers struggling with inventory all year due to the consumer slowdown, it is likely they have used Black Friday/Cyber Monday to offer eye-popping discounts in order to clear stock, which would factor into the November CPI print released next week," it postulated in its latestQCP remained wary on stocks' potential to put in a sustained rally, however, with a breakdown causing further pain for correlated cryptoassets.
"While many are saying that BTC and ETH are lagging equities and should play catch up, rather we see it as equities having overshot fundamentals and will soon be reeled back," it wrote. The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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