Bitcoin price slumped, erasing all of the prior session’s gains and ending a four-day winning streak as crypto investors brace for Wednesday’s US inflation data. The world’s largest and most popular cryptocurrency Bitcoin was trading over 4% lower at $22,863. The global crypto market cap today was above the $1 trillion mark, even as it was down over 3% in the last 24 hours at $1.13 trillion, as per CoinGecko.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, rose nearly 6% to $1,675. Meanwhile, dogecoin price today was trading more than 3% lower at $0.06 whereas Shiba Inu also plunged about 3% to $0.000012.
Other crypto prices’ today performance also declined as XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, Polygon prices were trading with cuts over the last 24 hours.
“We saw a rise in the cryptocurrency market volatility. It was expected after periods of consolidation. Although Bitcoin and other top cryptos remained range-bound, we saw a rise in bearish momentum over the past 24 hours. The trading volumes increased significantly,” said Edul Patel, CEO and Co-founder, Mudrex.
The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants. However, July was a great period for Bitcoin, Ether and others. Bitcoin rose 27% for the month, the most since October, while ether added 70% in its best monthly performance since January 2021.
Despite Tuesday’s drop, Bitcoin has enjoyed a recent uptick after months of being beat down, as it finally broke through several closely watched price levels. The bellwether crypto asset has been trading around $23,000 after posting its best month since October in July.
Meanwhile, Asia crypto exchange Zipmex Pte will allow users to partially withdraw Bitcoin and Ether from their trading accounts starting this week, providing some relief to those caught by the recent meltdown in the digital asset market.
Zipmex, which halted withdrawals in July due to a liquidity crunch, will let users withdraw part of their Ether from August 11 and Bitcoin from August 16 from Zipmex’s Z Wallet.
(With inputs from agencies)
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