Crypto prices slipped Thursday after an unexpectedly hot PPI inflation print, but analysts said it’s just a pullback within the rally.
The CoinDesk 20 Index of largest cryptocurrencies fell 2.1% over the past 24 hours, with bitcoin (BTC) dropping 2.3%. XRP (XRP) lost 4.6% with ether (ETH) outperforming by edging down 0.7%.
„The pullback is, in my view, simply a recalibration in an otherwise bullish trend,” said David Siemer, co-founder and CEO of Wave Digital Assets. „Bitcoin remains firmly entrenched as the anchor of institutional crypto strategies.”
Bitcoin’s (BTC) rush to new all-time highs over $124,000 was fueled by rising expectations for Federal Reserve interest-rate cuts in September coupled with surging ETF inflows and institutional adoption.
The Thursday reversal to as low as $118,000 was „equally normal,” he said.
„After such a sharp rally, profit-taking tends to set in, and we saw short-term traders liquidate their positions and take gains,” Siemer said. „In addition, highe
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