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Cryptocurrency Market Sees Profit-Taking as Traders Rotate into Promising Coins

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Cryptocurrency,Profit-Taking,Volatility

Traders in the cryptocurrency market took advantage of decreased volatility to secure profits from recent spikes and shifted their focus to coins with potential. Meanwhile, stock trading was mixed as investors awaited the release of the Consumer Price Index report.

It was a day of profit-taking for the cryptocurrency market as traders capitalized on a decline in volatility to lock in the gains from tokens that recently spiked and rotated into coins that have yet to move but have a promising outlook. Stocks traded mixed as investors pared back their trading activity ahead of the release of October’s Consumer Price Index report on Tuesday, which will provide insight into how the Federal Reserve will move forward with interest rates.

Comments from several Fed officials last week signaled that the central bank has kept the door open for more rate hikes, which has dampened the mood of investors who were, at one time, predicting a rate cut. At the closing bell, the S&P and Nasdaq finished lower, down 0.08% and 0.22%, respectively, while the Dow finished 0.16% highe

 

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