Crypto prices across the market fell as the dollar hits a 7-week high with CoinEdition

• Santiment tweeted this morning that the S&P 500 and BTC took a hit yesterday.
• Strong US inflation and consumption data released yesterday sent crypto prices tumbling.
• At press time, the price of BTC maintains a position above the key level of $23k.

Blockchain research firm, Santiment (@santimentfeed), tweeted today regarding the crypto market leader, Bitcoin (BTC). According to the tweet, BTC and the S&P 500 fell on Friday after the US dollar hit its highest value since the opening week of 2023. The tweet concluded by stating that BTC breaking this current trend will please bullish traders.

BTC and S&P 500 plunge after positive US data (Source: Santiment)

At the time of the tweet, which is around February 24, 2023 at At 13:30 UCT, the S&P 500 was down -5.9% and BTC was down 7.5% as stocks and cryptos fell after the US dollar pumped to a 7-week high. This follows the release of strong US inflation and consumption data.

At press time, the price of BTC is trading just above the crucial $23k level at $23,091.52 after falling another 3.28% in the last 24 hours according to CoinMarketCap. This 24-hour price drop has added to BTC’s negative weekly performance, which now stands at about -6.28%.

Trading volume for BTC is also 11.01% lower than it was yesterday and currently stands at approximately $25,510,917,611. The 24-hour low for BTC is around $23,007.07 and the market leader’s 24-hour high is at $23,989.51.

The global crypto market capitalization also fell by more than 3% in the last 24 hours as the majority of crypto prices fell during the period. Most notably, all of the top 10 cryptos by market capitalization experienced price declines in the past 24 hours. As a result, the global market cap for crypto is $1.06 trillion at press time.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The post Crypto Prices Marketwide Nosedived as Dollar Hits a 7-Week High appeared first on Coin Edition.

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