Tides of changes in the market sentiment have been leaving cryptocurrencies highly volatile in recent days. Bitcoin on Wednesday, July 12, reflected a loss of 0.34 percent. With this, the value of Bitcoin is currently standing above the price point of $30,515 (roughly Rs. 25.13 lakh). Despite Bitcoin’s slight slippage on Wednesday, its value did grow by $16 (roughly Rs. 1,317) over the last 24 hours. Although there’s a slight decline in buying strength, buyers continue to maintain an advantageous position over sellers in the market, industry experts have pointed out.
Ether galloped behind Bitcoin, in a rather conventional movement, and moved to the loss-making side of the crypto price chart. With a loss of 0.21 percent, ETH is trading at the price point of $1,880 (roughly Rs. 1.54 lakh).
“Investors awaited the release of June inflation data and observed the weakening U.S. dollar. The price of BTC is currently holding steady, finding support at the crucial $30,000 (roughly Rs. 24.6 lakh) zone. On the other hand, Ethereum has shown relative stability in recent days, experiencing minor gains,” Edul Patel, CEO of Mudrex crypto investment firm told Gadgets 360.
In the midst of the ongoing market turmoil, many cryptocurrencies saw losses on Wednesday.
These include Tether, USD Coin, Ripple, Dogecoin, Tron, and Bitcoin Cash.
Losses also axed the prices of Avalanche, Shiba Inu,Binance USD, LEO, Chainlink, Cosmos, and Stellar.
The valuation of the overall crypto market remained unchanged in the last 24 hours and stayed at the mark of $1.19 trillion (roughly Rs. 98,00,542 crore), as per CoinMarketCap.
“The crypto fear and greed index has jumped seven points, moving further into the greed zone with a score of 64/100. This could be attributed to the continued investor optimism banking on the upward revision of year-end BTC targets by Standard Chartered,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
While mainstream cryptocurrencies like BTC and ETH saw losses on Wednesday, underdogs like Uniswap, Monero, Cronos, and Aave fetched small gains.
Elrond, EOS Coin, Iota, and Dash also recorded small profits.
“The CPI and PPI reports are significant as they can potentially impact the Federal Reserve’s decision on interest rates. After pausing rate increases last month, the Fed’s shift towards a more hawkish stance will depend on the inflationary pressures in the economy. Whenever the interest rates rise, people tend to park money in safe haven and thereby spend less on assets like crypto, equity and vice-versa,” the CoinDCX research team told Gadgets 360.
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