Bitcoin price today plunged in the wake broad based sell-off after higher-than-expected US inflation data. The world’s largest and most popular cryptocurrency was trading more than 8% lower at $20,373. The global crypto market cap today was above the $1 trillion mark, even as it was down over 5% in the last 24 hours at $1.04 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, slipped about 6% to $1,603. Ethereum is transitioning to proof-of-stake for its consensus protocol. The Merge, expected to take place this week after several delays, could lead to wider use of the blockchain.
“Bitcoin, Ethereum, and most cryptocurrencies fell after the U.S inflation data disappointed investors on Tuesday as inflation rose more than expected. BTC dipped to the $20,000 level after a brief relief rally and reaching the $22,000 mark yesterday. Investors and traders may need some time to digest the report and get back to the market. On the other hand, the second largest cryptocurrency, Ethereum also fell by 6%. ETH’s decline comes ahead of the much anticipated Merge upgrade. But, if buyers can keep ETH above the $1,500 level we may expect a local bounce back,” said Edul Patel, CEO and Co-founder of Mudrex, a global crypto investment platform.
Meanwhile, dogecoin price today was trading over 5% lower at $0.06 whereas Shiba Inu tumbled about 3% to $0.000012. Other crypto prices’ today performance also declined as XRP, Uniswap, Solana, Polygon, Avalanche, Binance USD, Polkadot, Tether, Litecoin, Chainlink, Apecoin, Cardano, Stellar, Tron prices were trading with cuts over the last 24 hours.
US stocks fell and Treasury yields spiked higher after hotter-than-expected inflation data fueled bets on a jumbo hike by the Federal Reserve next week. As per Bloomberg, in the derivatives market, more crypto traders are shorting Ether ahead of Ethereum’s biggest technical upgrade.
Bitcoin’s dominance, or its share of the crypto market’s market value, has slipped to 39.1% from this year’s peak of 47.5% in mid-June, according to data platform CoinMarketCap. Ether, on the other hand, has climbed to 20.5% from 16%.
(With inputs from agencies)
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