Today Cryptocurrency Price: In a surprise move, the cryptocurrency market rallied close to the $900 million level on Thursday, July 14, even as US inflation hit a four-decade high, as revealed by the government a day earlier. According to the data, the crypto market cap on the day stood at $896.46 billion, with an increase of 1.52 percent in the last 24 hours.
“In an interesting but much-anticipated development, US inflation surged to a 41-year high, as suggested by the latest CPI Day. High inflation numbers released by US labor data showed an immediate impact on the crypto market as the price of bitcoin rose to 4.2 per cent. % fell to around $19200, but recovered slightly at the end of day trading,” said Charles Tan, CMO of Atato, a licensed MPC custodian wallet.
“For investors, this means that the Fed continues to take strict measures to control inflation which could result in another rate hike. Higher interest rates could discourage borrowing and thus financial markets, including the crypto market. may reduce the inflow of funds in the market. Sellers will continue to dominate the market and the situation may remain the same till the inflation data calms down,” he said.
Days after falling below the $20,000 mark, bitcoin recovered to move above the same day’s level. Data from CoinMarketCap at the time of writing this article shows that the price of bitcoin is today $20,037.01 over the past 24 hours, a slight increase of 2.84 percent over the past 24 hours.
“Bitcoin continued its sideways movement, trading just above the $20,000 level as bearish sentiment continues to rip through the crypto markets. The weekly chart for BTC is on a downside, within a descending triangle pattern. WazirX Trade The weekly RSI remains in the oversold zone below 30, said analysts at The Desk. An immediate support for bitcoin is expected at $17,700.
Ether crossed the $1100 mark that day. At the time of writing this article, Ethereum was trading at $1,100.31, down 4.21 percent over the past 24 hours.
“Ethereum is up almost 7% yesterday after closing in the red for 5 days in a row. On the 12-hour time frame, Ethereum is forming an ascending channel pattern with an ascending channel pattern. Daily RSI is above 40 level This indicates buying momentum. The next major resistance for Ethereum is expected at 1,280 and immediate support is expected at $890,” the analyst said.
Here are the top 10 cryptocurrencies and their prices as of July 14, Thursday, 2022 (according to data from coinmarketcap.com)
Bitcoin is up $20,037.01 or 2.84 percent in the last 24 hours
Ethereum up $1,100.31 or 4.21 percent in the last 24 hours
Tether is up $0.9994, or 0.02 percent, over the past 24 hours
USD coin loss of $1.00 or 0.01 percent in last 24 hours
BNB is up $230.37, or 2.97 percent, in the last 24 hours
Binance USD is up $1.00 or 0.12 percent in the last 24 hours
XRP up $0.3214 or 2.24 percent in the last 24 hours
Cardano gained $0.4289 or 1.40 percent in the last 24 hours
Solana up $34.44 or 3.63 percent in last 24 hours
Dogecoin is up $0.06087 or 0.14 percent in the last 24 hours
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