Cryptocurrency Update: The global cryptocurrency market on Friday, February 11, plunged again amid volatility as all major crypto coins lost their values. The cryptocurrency market The cap was standing at $1.98 trillion, according to data from global crypto tracking website CoinMarketCap. This was down by 3.18 per cent over the last 24 hours. The global crypto volume however rose significantly over the past day. The total volume of traded coins amounted to $115.68 billion over the course of the last day. This has fallen by 35.61 per cent over the last 24 hours, said data on the website.
“US’s consumer price index (CPI) came in at 7.5 per cent last night, higher than consensus estimates. Not surprisingly, the Federal Reserve reiterated its stance to scale back quantitative easing and raise interest rates, possibly by a full percentage point by July. The hawkish stance led to risk assets correcting across the board, from equities to crypto, while the 10-year treasury yield topped 2 per cent for the first time since 2019,” said the CoinDCX research team in a note.
“For as long as inflation remains high, any further upside for stock and crypto could potentially be limited. That said, we are cautiously optimistic on the structural bull market remaining intact, particularly for crypto, given the sheer volume of funds that have continued to pour into the sector, notwithstanding the seemingly dull economic outlook,” it added on the day.
Bitcoin on the day saw a slight loss, with its value going under the $44,000 mark as per data. At the time of writing this article, Bitcoin prices stood at $43,488.94 according to CoinMarketCap. This was down by 2.77 per cent over the last 24 hours. Ether prices on the other hand went up by 4.42 per cent over the course of the past day and stood at $3,103.79 at the time of writing this article.
“Bitcoin continued to maintain its position close to the $44,000 level with trading volumes picking up in the last couple of days. On the weekly chart, Bitcoin can be seen bouncing off from the support levels and progressing ahead. The next resistance for BTC is expected at $50,700 and immediate support is expected at $39,300 level,” said the WazirX trade desk in a note to News18.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
MetaPay: $0.00001313 – up by 709.78 per cent
Doge Rise Up: $0.00000000005945 – up by 690.66 per cent
Meta Uranus: $0.0006626 – up by 348.96 per cent
Last Survivor: $0.03284 – up by 323.14 per cent
NinjaFloki: $0.00007536 – up by 258.11 per cent
Healthify: $0.0005098 – up by 244.50 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
WalMeta: $0.0001146 – down by 99.90 per cent
Dogecolony: $0.0000001001 – down by 97.92 per cent
Bored Floki Yacht Club: $0.000009444 – down by 78.64 per cent
Silva Token: $74.10 – down by 0.00000000003034 per cent
GRAP: $0.04848 – down by 67.00 per cent
Luna Inu: $0.001122 – down by 58.41 per cent
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