Crypto Price Today Live: Bitcoin takes back $ 20,000 mark; altcoins trading mixed
Much in line with expectations, a high US inflation reading for June will pressure the Federal Reserve to become more aggressive in tightening monetary conditions to curb consumer price increases.
Crypto cart was traded mixed with Bitcoin, Ethereum, XRP, Solana and Polkadot and rose up to one percent, while stablecoins also recorded marginal gains. Shiba Inu and Dogecoin were among the tokens in red.
The global market value of cryptocurrency traded higher at $ 897.86 billion, rising more than 3 percent in the last 24 hours. However, the total trading volume for cryptocurrency zoomed more 34 percent to $ 74.83 billion.
Expertise
Bitcoin prices fell after the CPI data, said Charles Tan, CMO, Atato. “In an interesting but long-awaited development, US inflation rose to 41 years high as indicated by the last CPI day.”
For investors, this means that the Fed continues to take strict measures to control inflation, which could result in a new rise in interest rates. The high interest rates can counteract borrowing and sellers can continue to dominate the market, he added.
Global updates
Celsius Network, the controversial cryptocurrency lender facing liquidity problems, paid off its remaining debt in full to the Decentralized Finance (DeFi) lending protocol Compound, freeing up nearly $ 200 million in pledged collateral.
The Ethereum scaling tool Polygon continues to scale its Web3 infrastructure via a new project with the media conglomerate Walt Disney Company.
An obscure cryptocurrency market measurement known as the “stETH rebate” is suddenly sending an emergency signal, possibly due to speculation that the troubled lender Celsius Network is preparing to dump some of its holdings in an attempt to increase liquidity.
Michael Barr, a former Ripple adviser, is set to take on one of the most important U.S. regulatory roles after winning the Senate’s confirmation as deputy chairman of the Federal Reserve.
Tech View by Giottus Crypto Platform
Designed to facilitate smart contracts and the development of decentralized applications, Solana is a highly scalable layer-1 blockchain based on the dual consensus protocol Proof-of-Stake and Proof-of-History. Solana’s original token SOL is one of the top 10 cryptocurrencies by market value.
Like the majority of cryptocurrencies, Solana has suffered an 86% drop from its all-time high value in the midst of adverse market conditions. Throughout 2022, Solana has mapped a downward trend characterized by lower altitudes and accompanied by some steep setbacks.
FORM
However, it seems that Solana is trying to reverse the trend. It has finally been able to turn long-term trend line resistance since April into support. Since then, it has managed to stay above the new trend line support and has consolidated between a narrow band of $ 32- $ 42.
Although US inflation is at its highest level in the last 41 years, the SOL has not yet shown any clear signs of upward momentum with an RSI of 44 and is still below the 20-day SMA of $ 37. To restore market confidence and gather some upward momentum, SOL must attempt a new outburst over the $ 40 psychological resistance. The next resistance will be the .618 Fib level of $ 46.5. In case SOL fails to stay above the crucial .236 fib support level, the previous $ 26 support will come into play.
Key levels
Opponents: $ 37, $ 40, $ 46.5
Supports: $ 33, $ 26
(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.)
