Bitcoin Drops to Mid-August Lows Amid Nvidia Selloff
Bitcoin reached its lowest level since mid-August as equity futures fell on Nvidia concerns while traders await U.S. CPI and PPI inflation reports.
Bitcoin traded down to multiweek lows, reaching levels not seen since mid-August, according to Cointelegraph. The slide coincided with a broader selloff in stock market futures triggered by concerns surrounding Nvidia reports.
Equity Weakness Spills Into Crypto
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Sell-side pressure extended across equity index futures as investors weighed reports involving tech giant Nvidia. The risk-off sentiment spilled into cryptocurrency markets, pushing Bitcoin down to new multiweek lows.
U.S. Inflation Data in Focus
Financial markets are bracing for fresh U.S. macroeconomic data, including upcoming Consumer Price Index (CPI) and Producer Price Index (PPI) inflation reports. Traders are closely monitoring the metrics for clues on broader economic health and liquidity conditions.
Key facts
- Bitcoin price fell to its lowest level since mid-August.
- Stock market futures experienced sell-side pressure over Nvidia concerns.
- Markets are awaiting upcoming U.S. CPI and PPI inflation releases.
Source: cointelegraph.com
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