1. BITBILIHome
  2. Article

Why is the crypto market down today? The CPI data aftermath

• 19 views

TL;DR Breakdown

  • Bitcoin and the entire crypto market take a nosedive following the Consumer Price Index (CPI) released yesterday.
  • Today morning, two wallets linked to the US government – With Silk Road BTC holdings- moved $300 worth of BTC, bringing a negative sentiment to the crypto market.
  • Some analysts believe it is only a matter of time before Bitcoin starts its partial recovery from a crypto meltdown in 2022.

Description

After a slight decline yesterday, both the Bitcoin (BTC) price and the crypto market cap displayed bearish indications. The current Bitcoin price, according to CoinMarketCap, is $30,595.80. B TC has a 24-hour trading volume of $14,855,555.780 million. In the past twenty-four hours, Bitcoin has declined by 0.33 percent.  According to CoinGecko, the current global crypto … Read more

After a slight decline yesterday, both the Bitcoin (BTC) price and the crypto market cap displayed bearish indications. The current Bitcoin price, according to CoinMarketCap, is $30,595.80. B TC has a 24-hour trading volume of $14,855,555.780 million. In the past twenty-four hours, Bitcoin has declined by 0.33 percent. 

According to CoinGecko, the current global crypto market cap stands at $1.24 Trillion, a change of 0.01% over the past 24 hours and a change of 33.84% over the past year. Bitcoin’s market cap is $595 billion as of today, representing a 48.13 percent market share. The market cap of Stablecoins is $128 billion, representing a 10.34% share of the total crypto market cap.

Crypto markets take a nosedive

In the immediate aftermath of a marginally surprising decline in the Consumer Price Index (CPI) for the month of June on Wednesday, Bitcoin appeared to be on an upward trajectory. This was before it retreated into the shadows, where it has resided for the better part of a month at well below $31,000.

BTC surged in the hour following the release of the CPI, which showed a 3% increase that was less than anticipated and down from 4% the previous month, as investors lost their enthusiasm. 

After halting a year-long diet of monetary hawkishness in June, Federal Reserve officials have repeatedly stated that they intend to raise interest rates by 25 basis points later this month.

Two wallets labeled as belonging to the United States government and linked to seized crypto holdings from the Silk Road marketplace moved 9,825 worth of bitcoin ($301 million) in three transactions this morning, which may have outweighed the positive inflation report.

Ether also rose after the release of the CPI report before falling to $1,870, down 0.6% from Tuesday at the same time. MATIC and AVAX, the tokens of smart contracts platforms Polygon and Avalanche, declined by more than 4% and 2%, respectively. The Crypto Market Index, a measure of the performance of crypto markets, fell 1.9%.

Some observers believe that U.S. overreach could shift the crypto world’s equilibrium to foreign cities with friendlier regulatory environments, such as Hong Kong, which recently made it easier for retail investors to trade, Singapore, and Abu Dhabi, which aims to become a global digital asset hub.

Will BTC survive the current market?

In a July 11 tweet, the well-known trader Moustache wagered that BTC price history would repeat itself. This year, Bitcoin’s formerly strong inverse correlation to dollar strength has weakened, but its most recent movements have traders in a debate.

According to on-chain data, the U.S. dollar index (DXY) is on the verge of testing support at 100 for the first time in months. According to Moustache, Bitcoin stands to gain as a result of its newfound negative sentiment, which would be further cemented if the 100 threshold is breached.

Markets keen to capitalize on a probable reversal in US interest rate hikes haven’t helped the dollar’s cause. Despite a hawkish Federal Reserve, this appears to be becoming more likely.

The crypto market declined this month following a June surge fueled by a flurry of applications by investment giants such as BlackRock Inc. to launch US exchange-traded funds that invest in the token’s spot market. Investors are currently pondering whether Bitcoin’s 83% recovery this year still has a place for growth.

Bitcoin and a gauge of the top 100 digital tokens both fell, in stark contrast to the attitude in other asset classes. Some analysts believe it is only a matter of time before Bitcoin starts its partial recovery from a crypto meltdown in 2022.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Why is the crypto market down today? The CPI data aftermath

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月13日 21:20
Next 2023年7月13日 22:52

Related articles

  • New Zealand banks join forces to combat scams through new measures

    TL;DR Breakdown The New Zealand banking sector is taking proactive measures to combat scams targeting customers. In the second quarter of 2023, there were 1,950 reported scams in New Zealand, resulting in a total loss of NZ$4.2 million ($2.48 million). Consumer advocates, including Consumer NZ’s CEO Jon Duffy and Banking Ombudsman Nicola Sladden, stress the urgent need for swift action to protect New Zealanders from scams. Description The New Zealand banking sector is taking proactive measures to combat scams targeting customers, which includes establishing a national Anti-Scam center, pooling resources to combat money laundering, and enhancing public awareness. In the second quarter of 2023, there were 1,950 reported scams in New Zealand, resulting in a total loss of NZ$4.2 million ($2.48 million), … Read more The New Zealand banking sector is taking proactive measures to combat scams targeting customers, which includes establishing a national Anti-Scam center, pooling resources to combat money laundering, and enhancing public awareness. In the second quarter of 2023, there were 1,950 reported scams in New Zealand, resulting in a total loss of NZ$4.2 million ($2.48 million),…

    Article 2023年9月15日

  • Elon Musk sues anti-hate organization because of Twitter

    TL;DR Breakdown Elon Musk’s X Corp has sued CCDH accusing it of manipulating data to show a rise in hate speech since Musk’s takeover of Twitter. The lawsuit is part of Musk’s broader strategy to rebuild Twitter’s reputation after controversial policy changes led to a decline in advertising revenue and user trust. The legal battle highlights larger questions surrounding social media responsibility, and data integrity. Description In a move that has sent shockwaves through the tech world, X Corp, under the direction of entrepreneur Elon Musk, has brought legal action against the Center for Countering Digital Hate (CCDH). The litigation stems from allegations that the non-profit organization manipulated data to imply that hate speech and disinformation have surged on the platform … Read more In a move that has sent shockwaves through the tech world, X Corp, under the direction of entrepreneur Elon Musk, has brought legal action against the Center for Countering Digital Hate (CCDH). The litigation stems from allegations that the non-profit organization manipulated data to imply that hate speech and disinformation have surged on the platform since…

    Article 2023年8月2日

  • Coinbase challenges U.S. regulatory climate aims for  crypto-friendly nations

    TL;DR Breakdown Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia as their “near-term priority markets.” Murugesan and Duff Gordon noted that many parts of the world are making significant progress in creating crypto-friendly regulatory frameworks, except for the United States. The exchange also aims to engage with the Group of Twenty (G20) to advocate for the development of global cryptocurrency standards.  Description Coinbase, a leading cryptocurrency exchange, has outlined its strategic focus on several countries outside the United States, citing their more transparent and clearer crypto regulations. In a blog post published on September 6, Coinbase’s vice presidents for international business and international policy, Nana Murugesan and Tom Duff Gordon, identified the European Union, the United Kingdom, … Read more Coinbase, a leading cryptocurrency exchange, has outlined its strategic focus on several countries outside the United States, citing their more transparent and clearer crypto regulations. In a blog post published on September 6, Coinbase’s vice presidents for international business and international…

    Article 2023年9月8日

  • Dogecoin’s Leading Developer, Mishaboar, Expresses Reservations About Proof-of-Stake

    TL;DR Breakdown Mishaboar hints at possibly stepping away from Dogecoin development if a transition to Proof-of-Stake is pursued, citing concerns over-centralization and the system’s inherent flaws. While Proof-of-Stake offers benefits like energy efficiency, Mishaboar suggests alternative solutions like payment channels might be more aligned with Dogecoin’s objectives. Description In the ever-evolving world of cryptocurrencies, the debate between Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms continues to heat up. The latest to weigh in on this contentious issue is Mishaboar, a top-tier developer and influential figure within the Dogecoin community. His recent statements have shed light on his stance and sparked discussions about the … Read more In the ever-evolving world of cryptocurrencies, the debate between Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms continues to heat up. The latest to weigh in on this contentious issue is Mishaboar, a top-tier developer and influential figure within the Dogecoin community. His recent statements have shed light on his stance and sparked discussions about the future of Dogecoin. Contents hide 1 Mishaboar’s Bold Declaration: A Line in the Sand 2 Evaluating PoS’s Real Benefits…

    Article 2023年8月21日

  • Worldcoin continues to make negative headlines – Bavaria’s Data Watchdog speaks

    TL;DR Breakdown The controversy around Worldcoin continues as Bavaria data watchdog states that it had not wrapped up investigations before WLD launched. Worldcoin remains under heavy investigations by Germany’s Federal Financial Supervisory Authority or BaFin. The Kenyan government suspends Worldcoin operations in the nation as police take extreme measures. Worldcoin has been accused of being a ‘data snitch’ to government entities. Description According to incoming market reports, Bavaria’s data watchdog had not completed its privacy and security evaluation of Worldcoin prior to the project’s launch, the agency’s chief stated.  Bavaria is a German state in which Worldcoin (WLD) has established an entity to administer the data for its European users; consequently, the local authority is leading the … Read more According to incoming market reports, Bavaria’s data watchdog had not completed its privacy and security evaluation of Worldcoin prior to the project’s launch, the agency’s chief stated.  Bavaria is a German state in which Worldcoin (WLD) has established an entity to administer the data for its European users; consequently, the local authority is leading the investigation. Worldcoin faces intense criticism…

    Article 2023年8月9日
TOP