BTC Steady Over $30K Ignoring Strong CPI Data
By Laxmikant Khanvilkar
Virtual digital assets (VDA) were largely making narrow range movement, except for a brief bout of volatility, brushing aside positive inflation data in Wednesday’s Consumer Price Index report for June. U.S. consumer prices rose 0.2% in June, beating expectations for a 0.3% increase. The upbeat inflation print should logically send bitcoin higher in the immediate aftermath, instead the price declined, even as volatility spiked.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was recently trading at $30,416.65, down 0.39%.
Ethereum, the second largest cryptocurrency, retreated lower. It last quoted 0.18% lower at $1,873.82.
The global crypto market cap eased 0.53% to $1.18 tn, over the last 24-hours. On the other hand, the total crypto market volume increased 14.84% to $31.01 bn. The total volume in DeFi is currently $2.1 bn and all stablecoins $28.17 bn, representing 6.78% and 90.83% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 49.94%, unchanged over the day.
IC15 index, the barometer of top fifteen tokens, fell 0.37% to 40,275.
Meanwhile, the CME Fedwatch tool suggests that the Federal Open Market Committee (FOMC) would raise rates 25 basis points on July 26 are 94.9%, versus 93% a day prior.
Major equity indexes traded higher, with the Dow Jones Industrial Average (DJIA), Nasdaq Composite and S&P 500 all increasing.
Still crypto markets have largely decoupled from TradFi during 2023, with only the most surprising economic reports moving markets significantly.
Elsewhere, two wallets tagged as belonging to the U.S. government and linked to the Silk Road seizure of crypto have moved over $300 million worth of bitcoin in three separate transactions on Wednesday morning, on-chain data shows. Bitcoin’s block explorer shows that the government-controlled wallets sent a total of 9,825 bitcoin.
The same wallet transferred over $1 billion in bitcoin in March, a move that caused a slump across all major cryptocurrencies. The government seized 50,000 bitcoin linked to the Silk Road marketplace in November.
You need to login in order to Like
