Cryptocurrency News

Cryptocurrencies remained sober early on Tuesday even as world financial markets displayed lackluster trading amidst fears of a looming recession and anxiety about the Fed's Minutes. Wall Street Futures too reflected the muted sentiment.

Markets remained subdued amidst fears of a looming recession. Anxiety prevailing ahead of the release of the Fed's minutes for the month of July, due to be released on Wednesday also played spoilsport. Oil prices extended losses amidst a weak demand outlook.

Cryptocurrencies remained subdued ahead of the release of the Fed's Minutes for the month of July on Wednesday, as investors speculate on how hawkish the Fed continues to be with regard to hiking interest rates. World market sentiment also was influenced by the less than expected growth in China's industrial output and in Japan's GDP and fears of a looming recession.

Here is a snapshot of the world markets at this hour across stocks, currencies, bonds, commodities and cryptocurrencies.

Cryptocurrencies remained sober post the massive relief rally following the lower-than-expected readings on U.S. CPI released on Wednesday. Hawkish comments from some Fed officials also impacted market sentiment on the digital assets.

Upbeat corporate earnings helped European stocks rally, led by a rebound in healthcare, travel, leisure etc. Industrial output in the Euro Area increased. British economy contracting less than expected also helped shore up market sentiment. Inflation in France was confirmed at a 37-year high of 6.1% in July. Hawkish comments from some Fed officials also did not impact market sentiment heavily.

Cryptocurrencies rallied brilliantly in the past 24 hours as the pause in inflation numbers revived hopes of a pause in the Fed's interest rate hikes.

Lower than expected readings of headline and core inflation in July from the U.S. helped revive sentiment in world markets as the anxiety surrounding massive rate hikes by the Fed eased considerably. However, disappointments on the earnings side kept European stock markets sober.

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Cryptocurrency markets moved in tandem with the world financial markets as a slightly bearish tone engulfed market sentiment ahead of the release of the July readings on CPI from the U.S.

Anxiety surrounding the release of July month's reading of consumer price inflation in the U.S. gripped world markets. While the headline inflation is seen declining to 8.7 percent, from the high of 9.1 percent recorded in June, Core CPI, which the Fed tracks more keenly is seen rising to 6.1 percent from 5.9 percent recorded in June.

Cryptocurrency markets declined early on Tuesday, with top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) both shedding more than 3 percent in the past 24 hours. The inflation readings for the month of July are due Wednesday and markets are eagerly waiting how it would impact the Fed's rate hike plans.

World markets remained sober ahead of the release of the inflation readings from the U.S. for the month of July, due on Wednesday.