{"id":11073,"date":"2024-03-18T13:28:18","date_gmt":"2024-03-18T13:28:18","guid":{"rendered":"https:\/\/xcoins.com\/?p=11073"},"modified":"2024-04-10T09:05:46","modified_gmt":"2024-04-10T09:05:46","slug":"crypto-markets-slide-lower-on-hot-inflation-data","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/crypto-markets-slide-lower-on-hot-inflation-data\/","title":{"rendered":"Crypto Markets Slide Lower on Hot Inflation Data"},"content":{"rendered":"\n

Amidst a backdrop of market volatility, the recent retracement of Bitcoin from its all-time high, triggered by hot inflation data, reverberated across altcoins last week, prompting significant declines. <\/p>\n\n\n\n

However, amidst these varied narratives, Ethereum derivatives maintained their resilience, showcasing sustained confidence in the face of market uncertainties. <\/p>\n\n\n\n

Concurrently, Ethereum’s Dencun upgrade<\/a> catalyzed a monumental reduction in layer-2 gas fees, heralding a new era of scalability and Elon Musk’s resurgence in advocating for Dogecoin as a viable payment option for Tesla products reignited fervor among enthusiasts. <\/p>\n\n\n\n

After a new all-time high Bitcoin retraces on hot inflation data<\/strong><\/h2>\n\n\n\n

After soaring to an unprecedented pinnacle of $73,750, Bitcoin has continued to trade lower over the weekend due to higher-than-expected inflation results.<\/p>\n\n\n\n

This dramatic dip has rippled across the cryptocurrency landscape, with numerous altcoins also experiencing declines exceeding 10%.<\/p>\n\n\n\n

Multiple factors have emerged as potential explanations for this market upheaval.<\/p>\n\n\n\n

Firstly, the release of economic data in the United States sent shockwaves through the financial sphere on Thursday. <\/p>\n\n\n\n

The Consumer Price Index, a barometer of price fluctuations across a spectrum of goods and services, revealed a notable increase of 0.4%, surpassing expectations. <\/p>\n\n\n\n

Similarly, the Producer Price Index, indicating price alterations post-manufacturing, surged by 0.6%, outstripping forecasts by a significant margin. <\/p>\n\n\n\n

These findings underscore a persistent inflationary pressure, triggering a cascade of reactions within the market ecosystem.<\/p>\n\n\n\n

According to the CME Fed Watch tool<\/a>, investors have dropped expectations for a Federal Reserve interest rate pivot to 2% for this Wednesday\u2019s FOMC meeting and to 6% for the next FOMC meeting in May. <\/p>\n\n\n\n

\"Target
Target rate probabilities for the May FOMC meeting<\/em><\/figcaption><\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

In addition to interest rate concerns, the cryptocurrency market was roiled by a flurry of liquidations, with a staggering 233,000 traders facing forced closure of positions, amounting to a colossal sum of $775 million. <\/p>\n\n\n\n

The magnitude of these liquidations underscores the fragility of overleveraged positions and the inherent risks associated with margin trading.<\/p>\n\n\n\n

Despite the apparent turbulence, seasoned observers view these market corrections as a necessary purging mechanism. <\/p>\n\n\n\n

While newcomers to the crypto sphere may find the volatility unnerving, veterans recognize its indispensable role in fortifying the market’s resilience and sustainability.<\/p>\n\n\n\n

Ethereum derivatives stand firm amid market volatility<\/strong><\/h2>\n\n\n\n

A tumultuous descent on March 15 for Ethereum prompted $126 million in forced liquidations within ETH futures. <\/p>\n\n\n\n

Despite these uncertainties, Ethereum derivatives remained resilient, indicating sustained confidence in the market. <\/p>\n\n\n\n

Perpetual contracts, known as inverse swaps, showed consistent positive funding rates, suggesting ongoing demand for leverage from traders holding long positions. <\/p>\n\n\n\n

Typically, during bullish market phases, these rates surge significantly, but they have remained steady amidst the recent correction.<\/p>\n\n\n\n

Analysis of the balance between call (buy) and put (sell) options further solidifies this stance. <\/p>\n\n\n\n

Over the past 10 days, the demand for Ether call options has outweighed that for protective puts by a notable margin, indicating a neutral stance among traders, with no significant shift towards bearish positions.<\/p>\n\n\n\n

Despite the volatility witnessed over the weekend, Ethereum derivatives continue to exhibit strength and stability, reaffirming the resilience of the bull market. <\/p>\n\n\n\n

\"Put
Put to call option ratio from March 1st to March 18th<\/em><\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

Ethereum layer-2 gas fees plummet post Dencun upgrade<\/strong><\/h2>\n\n\n\n

Ethereum’s recent Dencun upgrade, implemented on March 13, has catalyzed a remarkable reduction in transaction fees across various layer-2 protocols. <\/p>\n\n\n\n

With some platforms witnessing a staggering decline<\/a> of up to 99%, the Dencun upgrade is being hailed as a pivotal advancement in Ethereum’s scalability journey since the Merge.<\/p>\n\n\n\n

Starknet, a leading Ethereum-based L2 protocol, showcased a substantial 99% decrease in gas fees following the Dencun upgrade. <\/p>\n\n\n\n

Prior to the upgrade, the gas fee stood at over $6, whereas post-upgrade, it plummeted to a mere $0.04.<\/p>\n\n\n\n

Similarly, other prominent L2 platforms such as Optimism, Base, and Zora OP mainnet also experienced significant drops in gas fees after the Dencun upgrade. <\/p>\n\n\n\n

Optimism’s average transaction fees fell to $0.05, while Base recorded a reduction to $0.064. <\/p>\n\n\n\n

Arbitrum and zkSync Era also observed decreases to $0.5 and $0.16, respectively, within the first 24 hours post-upgrade.<\/p>\n\n\n\n

\"Layer-2
Layer-2 median transaction fees during March 2024<\/em><\/figcaption><\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

The Dencun hard fork introduced nine Ethereum Improvement Proposals (EIPs), notably EIP-484, which introduced data blobs to L2s. <\/p>\n\n\n\n

These data blobs, a novel transaction data type, bypass the conventional “call data” process, enabling faster transactions at reduced fees. <\/p>\n\n\n\n

The upgrade, in development for two years, is considered one of the most intricate forks since the Merge, with a substantial emphasis on scalability and lowering gas fees.<\/p>\n\n\n\n

Elon Musk reignites Dogecoin fans<\/strong><\/h2>\n\n\n\n

In a recent visit to a Tesla facility near Berlin, Elon Musk reignited enthusiasm for Dogecoin as a potential payment option for Tesla products. <\/p>\n\n\n\n

The visionary entrepreneur, renowned for his innovative ventures and forrays into cryptocurrency<\/a>, expressed openness to enabling Dogecoin payments during an interaction with attendees.<\/p>\n\n\n\n

Musk’s remarks, captured in a widely circulated video<\/a> on social media platforms like X, conveyed his positive stance on incorporating Dogecoin into Tesla’s payment ecosystem. <\/p>\n\n\n\n

\"Tweet
Tweet depicting Elon Musk\u2019s talk at the Berlin Giga Factory<\/em><\/figcaption><\/figure>\n\n\n\n

<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

“At some point, I think we should enable that,” Musk affirmed, signaling potential support for the meme-inspired cryptocurrency. Embracing the spirit of Dogecoin enthusiasts, he echoed the rallying cry of “Dogecoin to the moon.”<\/p>\n\n\n\n

The tech luminary explained that hi’s endorsement of Dogecoin stems from grassroots support within Tesla and SpaceX, where factory workers advocated for its recognition. <\/p>\n\n\n\n

Musk highlighted Dogecoin’s unique position as “the people’s crypto,” underscoring his commitment to backing it.<\/p>\n\n\n\n

Notably, Tesla presently accepts Dogecoin for merchandise transactions, alongside Bitcoin payments for vehicle purchases.<\/p>\n\n\n\n

Dogecoin’s ascent to prominence accelerated dramatically following Musk’s vocal endorsement on social media platforms in 2020, propelling its market capitalization to over $25 billion.<\/p>\n\n\n\n

Collaborative efforts between Dogecoin developers and Musk have sought to enhance the cryptocurrency’s utility and foster widespread adoption for everyday transactions. <\/p>\n\n\n\n

Musk’s recent comments have injected fresh momentum into Dogecoin, triggering a notable price surge. At the time of Musk’s announcement, Dogecoin’s price surged to $0.18, marking a significant increase. <\/p>\n\n\n\n

Although it has since dipped slightly to $0.14, the cryptocurrency remains buoyant, with a 4% gain over the past 24 hours and an impressive 73% surge over the last 30 days.<\/p>\n\n\n\n

To stay up to date on all things crypto, like Xcoins on <\/em>Facebook<\/em><\/a>, and follow us on <\/em>Twitter<\/em><\/a>, <\/em>Instagram<\/em><\/a>, and <\/em>LinkedIn<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Amidst a backdrop of market volatility, the recent retracement of Bitcoin from its all-time high, triggered by hot inflation data, […]<\/p>\n","protected":false},"author":22,"featured_media":11074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-11073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\nCrypto Markets Slide Lower on Hot Inflation Data I Xcoins<\/title>\n<meta name=\"description\" content=\"Bitcoin retraces on hot inflation data, Ethereum Dencun upgrade a success, Elon Musk reignites Dogecoin fans hopes, and more!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/xcoins.com\/en\/blog\/crypto-markets-slide-lower-on-hot-inflation-data\/\" \/>\n<meta property=\"og:locale\" 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