BTC Price Hovers Close to $30,000 Mark as Most Altcoins See Losses:
The price of Bitcoin has once again dipped below the $30,000 mark, with its value currently standing at $29,352. This minor loss of 0.78 percent comes as Bitcoin continues to struggle to break through the $30,000 barrier for over three weeks now. In the last 24 hours, BTC price slipped by $215. Despite a 0.2 percent increase in July’s US Consumer Price Index (CPI), Bitcoin’s price did not see a significant impact.
Not only has Bitcoin experienced a slight decline, but Ether has also recorded losses. With a minor loss of 0.57 percent, ETH is currently trading at $1,843. The downtrend in Bitcoin has negatively affected other popular cryptocurrencies as well.
Stablecoins such as Tether, Ripple, USD Coin, and Binance USD, along with memecoins like Dogecoin and Shiba Inu, are all trading in losses today. Solana appears to be the exception among the top ten cryptos by market capitalization, as it is trading slightly in the red.
Despite the market’s resilience around the announcement of the latest CPI numbers, which rose by 0.2 percent and met market predictions, the overall crypto market valuation has slipped by 0.46 percent in the last 24 hours. Currently, the market sits at a capitalization of $1.17 trillion. The crypto fear and greed index has also fallen by two points and is now in the neutral zone with a score of 51/100.
Amidst the losses, a handful of cryptocurrencies have managed to record small profits. Solana, Tron, Cartesi, Ardor, and Spell Token are among the few that have seen slight gains.
Multiple factors are contributing to the current market climate and impacting the overall status of the crypto industry. The rise in jobless claims data, exceeding the consensus projection, and the higher-than-desired inflation are putting pressure on the Federal Reserve. However, the decelerating prices are expected to ease the need for further interest rate hikes.
It is essential to note that cryptocurrency is an unregulated digital currency and carries significant market risks. The information provided in this article does not constitute financial advice or trading recommendations. NDTV shall not be held responsible for any investment losses based on perceived recommendations or information contained in this article.