Also: Bitcoin and volatility share a complex relationship.
Market
Market
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Investors were eagerly anticipating the House vote on the debt limit deal, which was set to take place on Wednesday.
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One observer stated that the wave of liquidation stemming from the narrative of decreasing inflation has exhausted its impact, and the market is in need of a fresh catalyst and theme to drive prices upward.
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An observer suggests that the revitalized profitability of short-term holders serves as a promising indication for the near-future price dynamics.
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A technical analysis indicator named Bollinger bandwidth indicates that the tranquil period of Dogecoin may come to an abrupt conclusion, with a significant movement expected in either direction.
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On Sunday, Floki prices experienced a significant surge, fueled by the upward momentum in the overall market led by bitcoin, as well as the growing confidence in the token's 'China narrative'
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Bitcoin remains stagnant, inching closer to marking its first month of decline in 2023. Meanwhile, Ether experiences a slight increase but appears poised to end May in the red as well.
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The recent hedging activity of market makers, who consistently take the opposite side of investors' trades, appears to have effectively maintained price stability within a narrow range.
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Macro analyst Tom Dunleavy suggests that the stablecoin market's contraction is indicative of the ongoing bearish phase in the crypto market.
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The UK Office of National Statistics reports an astonishing annualized 3-month trend of 13.6% in the core Consumer Price Index (CPI) in the UK.
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