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Even though the start of the new year led to a new re-emergence (or rather rising from the ashes moment) for cryptocurrencies, the crypto recovery has slowed down leaving Bitcoin bleeding in red at US$23K today. Not just Bitcoin, but other cryptos have also tumbled to a precise ‘back to square one’ spot.
As a result, the global crypto market which is currently at $1.09Trillion, was predicted to fall below the $1 Trillion mark at one point!
After last week’s FUD spread due to SEC’s crackdown on BUSD, Bitcoin was finally seen rising on 16th February and reclaiming its trading value at $25k but soon slid down. At the time of writing, Bitcoin is trading at $23,744 after witnessing a fall of 3.62% in the past 24 hours.
The setback was prompted as a recent report of 0.7% month-over-month spike in January’s Producer Price Index (PPI) came out in the light, indicating that the U.S. central bank monetary couldn’t keep a check on price increases that blazed up inflation for more than a year.
And if this was not enough, crypto industry developments throughout the day also fuelled the FUD fire. Reports of the leading crypto exchange, Coinbase being downgraded to neutral and DeFi Protocol, Platypus Finance suffering from a flash loan attack put salt to the market’s wound.
Other cryptocurrencies took to the cascading effect and were left in red , with Ethereum (ETH)
trading at $1,663 after dropping by 1.64% in the past 24 hours. BNB is trading at $309.90 after witnessing a dip of 3.74% in the past 24 hours. One of the trending tokens,Aptos(APT), is at 11.35% low with a trading price of $14.44 after it jumped more than 9% earlier in the day.
A measure of overall crypto markets’ performance, called ‘the CoinDesk Market Index’ was recently down about 3.8% after being in the ‘up mode’ for about 36 hours.
Before the Thursday slump, Adrian Wang, founder and CEO at digital assets wealth management company Metalpha Limited, reportedly commented:
“The CPI in the U.S. has been playing a less influential role as more evidence shows inflation has proven to be stubborn to tackle, and investors are adapting and cautiously getting into risky assets as a way of coping mechanism.”
Thus, the continued stints of crypto rally has managed to keep crypto enthusiasts positive about better prices.
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