Bitcoin's Early Week Rally Dampens Ahead of July Consumer Price Index Data Release in the US

The global crypto market cap saw a dip of 3.77 percent in the last 24 hours

By Shomik Sen Bhattacharjee | Updated: 10 August 2022 13:48 IST

Bitcoin's Early Week Rally Dampens Ahead of July Consumer Price Index Data Release in the US

Photo Credit: Unsplash/ Kanchanara

Bitcoin’s price began a new slide against the US dollar after breaking past the $24,000 mark

Highlights

Bitcoin hasn't been able to stay above the $24,000 mark
Ether has dipped below the $1,700 mark
Polygon was among the only top altcoin to show gains in the last 24 hours

The global crypto market has seen a continuation of fluctuations in an influx of capital. Investors have thus remained unsure about the direction of the market causing some of the top cryptocurrencies to drop in value. The value of Bitcoin witnessed a sizable 3.9 percent dip in the last 24 hours with its price now right below the $23,000 (roughly Rs. 18.4 lakh) mark across global exchanges, while Indian exchange CoinSwitch Kuber values BTC at $24,652 (roughly Rs. 19.59 lakh), 1.57 percent lower in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase, and Binance, the price of Bitcoin stands at $22,899 (roughly Rs. 18.20 lakh) while CoinGecko data shows that BTC's value is currently 0.6 percent behind where it was last Wednesday.

Ether has witnessed a similar dent to a rally of its own. At the time of publishing, Ether is valued at $1,806 (roughly Rs. 1.43 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,678 (roughly Rs. 1.33 lakh), where the cryptocurrency's value has dipped by 5.32 percent over the past 24 hours.

Ether's showing over the week so far sees the cryptocurrency's value remain in the green by close to 2.4 percent when compared to its value last Wednesday, as per CoinGecko data.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins suffered a slip up through Tuesday — as the global crypto market capitalisation witnessed a 3.77 percent dip through Tuesday and early Wednesday.

Uniswap, Solana, Polkadot, Cardano, Cosmos, Avalanche, and BNB saw minor slides while Polygon saw a bit of an upside in value in the last 24 hours.

Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with some dips to show for mid-week. Dogecoin is currently valued at $0.06 (roughly Rs. 5.35) after losing some 3.82 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000913), down by 3.79 percent over the past day.

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"The total cryptocurrency market capitalisation stands close to $1.10 trillion (roughly Rs. 87,45,710 crore) with Bitcoin's dominance ranging around 42 percent as BTC, ETH and most altcoins pulled back close to technical regions of support as traders begin to de-risk ahead of the CPI report due to be released on August 10. When it comes to DeFi protocols, despite the fact that TVL (Total Value Locked) is down by 66 percent since Mid-April, the growth in DEX (Decentralised Exchange) aggregators, active addresses and growing layer-2 adoption through optimistic and zk-rollups solutions is reviving the sector's growth," the research team at CoinDCX tells Gadgets 360.

"Venture capital inflows further support the DeFi resilience thesis as crypto-centric Multicoin Capital launched a $430 million (roughly Rs. 3,418 crore) fund recently that is focusing on specific products that bridge legacy financial systems with DeFi applications."

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Cryptocurrency Prices across Indian exchanges

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