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Cryptocurrencies Ignore US Inflation Data
By Laxmikant Khanvilkar
Virtual digital assets (VDA) popularly known as Cryptocurrencies prices have staged a mild recovery even as the pressure from elevated inflation level in the U.S., earnings release and recession concerns continue to weigh.
Bitcoin, the largest coin by market capitalisation, was recently changing hands at $27,920 level, gaining 1% over the las 24-hours.
Ethereum traded 1% higher at $1,875.
Ethereum – the second largest cryptocurrency – declined more than 13% from a Tuesday high of $2,118. Last Friday, ETH dipped to lowest level since April 9, in the process wiping off entire gains recorded post the implementation of highly anticipated Shanghai upgrade.
Meanwhile, analysts have underlined the impending pressure on Crypto markets from the sticky inflation, stock market earnings and looming recession continue to weigh.
The global crypto market cap increased 0.16% to $1.17 tn, over the last 24-hours. During the same period total crypto market volume reduced by 6.31% to $29.41B. The total volume in DeFi is currently $2.38B, 8.10% of the volume of all stablecoins is now $26.31B, which is 89.11%.
Bitcoin’s dominance is currently 45.86%, an increase of 0.09% over the day.
Elsewhere, the last Friday’s court judgement has handed out legal victory to Yuga Labs, the company behind the popular Bored Ape Yacht Club (BAYC) NFT collection. In their statement the jury said, the use of BAYC trademarks by Ripps’ RR/BAYC was intended to confuse consumers.
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