Bitcoin (BTC) was recently trading at about $19,500, up about 0.3% over the past 24 hours in choppy trading. Prices jumped sharply during the 14:00 UTC (10:00 a.m. ET) time frame and even cracked the $20,000 threshold shortly after a speech on global financial stability by U.S. central bank Vice Chair Lael Brainard's. BTC then retreated to a range between $19,500 and $20,000 in the subsequent hours but experienced a sudden sell-off right before closing.
Brainard reiterated the Federal Reserve's commitment to tame inflation in her remarks even at the expense of a hard economic landing. "Inflation is very high in the United States and abroad, and the risk of additional inflationary shocks cannot be ruled out," she said at an event in New York.
Ether (ETH)'s price recently rose to about $1,340, about 0.4% gain from the same time, previous day. The trading volume of the second-largest cryptocurrency by market capitalization was down 2.3%. Its return on investment (ROI) fell 13% in the past 30 days as equity markets wrapped up the third quarter.
The CoinDesk Market Index (CMI), a broad-based market index that measures performance across a basket of cryptocurrencies, rose 0.76%.
"It's been a very choppy week in bitcoin which has failed to make a sustainable run in either direction despite attempts at both," Oanda Senior Analyst Craig Erlam wrote in an email, although he noted that bitcoin seemed to be forming a floor "a little shy of the early summer lows around $17,500."
"I keep using the word resilience when discussing bitcoin and that has very much remained the case," he wrote, adding: "Perhaps a period of stability is what it needs.
Economic Calendar
The core personal consumption expenditure (PCE), the Federal Reserve's preferred measure of U.S. inflation, was hotter-than-expected in August, rising 4.9% on a year-over-year basis after increasing 4.7% in July.
Looking ahead, the U.S. and U.K.'s Manufacturing Purchasing Managers Index (PMI) for September will be released next Monday. The indexes will offer the latest evidence of manufacturing activity in both countries and the direction of their economies, which now seem to point to a sharper economic slowdown than their central banks had been hoping.
U.S. Equities
U.S. equity slogged through a dreary day with the tech-heavy Nasdaq, the S&P 500, which has a heft technology component, and Dow Jones Industrial Average (DJIA) declining 0.8%, 0.9% and 1.2%, respectively as the PCE spooked investors already fretting about high inflation.
The PCE, which excludes energy costs, is a widely watched measure of price trends. Stocks have fallen steadily downward this year with the DJIA this week becoming the latest index to fall into bear market territory, meaning it has fallen at least 20% from its previous high.
Commodities
Gold ticked down a fraction of a percentage point continuing a recent trend. The traditional safe haven investment has been swept up with riskier assets and is trading at about $1,661, a more than 14% drop over the past six months.
Brent crude oil, a widely watched measure of energy markets, was selling at about 85% per barrel, up slightly, although investors remain nervous about energy prices amid threatening remarks by Russian President Vladimir Putin and the possible widening of its military aggression beyond Ukraine.
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