Crypto Price Today Live: Bitcoin trades under $ 20,000; Ethereum, Solana, Shiba Inu increase marginally

New Delhi: Crypto tokens traded largely unchanged on Wednesday ahead of US inflation data expected later today. An increase in inflation will keep the central banks on track for aggressive interest rate increases.

With the exception of the US dollar-denominated USD Coin and XRP, all other major crypto tokens traded in the green, but with limited gains in the last 24 hours. Ethereum, Solana, Shiba Inu and Unus Sed Leo got one percent each.

The global market value of cryptocurrency traded lower at $ 870.34 billion, falling closer to two percent over the past 24 hours. However, total trading volume for cryptocurrencies increased by around 4 percent to $ 55.52 billion.

Expertise
Bitcoin prices continue to fluctuate and the price action seems to be stuck in a sideways pattern, said WazirX Trade Desk. There has been a significant increase in demand for Bitcoin hardware wallets in Russia, it added.

“In other news, 75 percent of Bitcoin nodes have enabled taproot, providing extra security, scalability, privacy and smart contract functionality to the Bitcoin network,” said WazirX.

Global updates

• Celsius Network, the troubled cryptocurrency lender, paid off its debt in full on the decentralized financial protocol (DeFi) Aave, releasing security through a maneuver almost identical to the one carried out last week on the rival protocol maker.

• The troubled cryptocurrency lender Celsius Network is “deeply insolvent”, the US state of Vermont’s Department of Financial Regulation (DFR) claimed, noting that the lender lacks assets and liquidity to meet its obligations.

• At its height, Voyager Digital had 3.5 million users (roughly what Coinbase boasted in 2015) and $ 5.9 billion in assets, compared to a small regional bank or reputable asset management company.

• A policy document released by the Shanghai City Government on July 8 outlined the strategy for cultivating a metaverse industry worth 350 billion yuan ($ 52 billion) by the end of 2025.

• The venture capital firm Lightspeed Venture Partners has unveiled three US funds totaling $ 6.6 billion and an early-stage fund of $ 500 million in India, bringing the total committed capital across the company to $ 18 billion.

Technical display of BuyUcoin cryptocurrency exchange
Avalanche (AVAX) lost key support. It is down by almost 7.5 percent in the last 7 days due to the sales pressure around the crypto market.

The hawkish attitude of the Fed triggers an extended bearish phase that may become more intense after the KPI data is released today. AVAX was expected to break the crucial $ 21 mark, but instead settled on a new lower support level of $ 17.

The recovery in AVAX prices is possible if the general crypto market conditions improve and sellers decide to go back. It will take some time and positive development to bring the bulls back to the crypto market.

The current downward trend in the AVAX price may continue as the macroeconomic factors around the financial markets remain unstable.

(The views and recommendations given in this section are analysts’s and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset (s) mentioned.)