Stacks (STX) Plunges 9%: Can it Bounce Back Above $0.6?

• STX, the native token of the Stacks ecosystem, has lost more than 9% of its value over the last 24 hours.
• The Consumer Price Index (CPI) readings in the US will be revealed later today.
• Bitcoin continues to trade just below the $28k level and the total cryptocurrency market cap stands at $1.14 trillion.

Stacks (STX) Drops by More Than 9%

STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues. At press time,the price of Stacks stands at $0.6442 and if the bearish trend continues, STX could drop below the $0.6 psychological level in thenear term.

Crypto Investors Await CPI Readings

The Consumer Price Index (CPI) readings in the United States will be revealed later today. Cryptocurrency investors are awaiting these figures before making their moves, with volatility in themarket currently low. If inflation figures increase, it could continue its interest rate hike; however a lower inflation figure could see Federal Reserve cool down its rate hike instead.

Bitcoin Struggles Below $28K

Bitcoin,the world’s leading cryptocurrency by market cap, continues to trade just belowthe $28k level.The total cryptocurrency market cap stands at$1.14 trillion,downby less than 1% today.

Market Ahead Of CPI Readings

The broader market is stagnant ahead oftoday’s CPI readings as crypto investors awaitthe figures before making their moveswithvolatilityin themarketcurrently low .This month ,the Fed increased interest rates by 25 basis points , taking interest rates inUS to a 16-year high .However , alower inflationfigurecould seethe Federal Reserve cool downits rate hike instead .

No Catalyst Behind STX Poor Performance

There is no catalyst behind STX’s ongoing poor performance as it corrects after rallying to its weekly highof$0