Bitcoin Hovers Near $30K After CPI Data
By Laxmikant Khanvilkar
Bitcoin, the largest virtual digital assets or VDA by market capitalisation was hovering near $30,000 level as the expectations for the U.S. Federal Reserve lowering interest rates at its next meeting in May diminished following the 0.1% increase in March consumer price index (CPI). It was estimated to grow 0.2%.
The latest inflation data coincides with shifts in whale or large investor activity and the unveiling of the Ethereum Shanghai upgrade.
Meanwhile, the most awaited Shanghai hard fork also known as “Shapella,” is completed at 22:27 UTC, and finalized at about 22:42 UTC.
The upgrade enabled withdrawals for users who have “staked” their ether (ETH) to secure and validate transactions on the blockchain.
Roughly half an hour after the Shanghai upgrade was activated, some 285 withdrawals in epoch 194,408 had been processed, for about 5,413 ETH ($10 million worth), according to beaconcha.in.
The second largest VDA by market value was quoted at $1,911 level.
The digital asset space is witnessing return of volume following the two major events for the day – the CPI and Shanghai upgrade.
The crypto market cap has decreased by 0.66% in the last 24 hours, now standing at $1.23 tn. The total crypto market volume, however, has seen a 9.88% growth over the same period, reaching $48.48 bn. Of this, DeFi accounts for 9.33%, while stablecoins make up 89.86%. In terms of dominance, Bitcoin has seen a 0.23% decrease, now standing at 47.17%.
Meanwhile, reports of FTX resumption has filled optimism in the market place with its native token FTT price soaring higher.
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