By: Swastika Das Sharma
Last Updated: July 14, 2022, 12:55 IST
Days after it dipped below the $20,000 mark, Bitcoin recovered to go above the same levels on the day.
“In an interesting but much-anticipated development, US inflation soared to 41 years high as suggested by the latest CPI day. The high inflation numbers released by the US labor statistics showed an immediate impact on the crypto market as Bitcoin prices slumped by 4.2% to about $19200 but slightly recovered towards the end of day trade,” said Charles Tan, CMO of Atato, a licensed MPC Custodian Wallet
“For investors, it means that Fed continues to take strict measures to control inflation which may result in another rate hike. The high-interest rate may discourage borrowing and thus decrease the fund influx in the financial markets including the crypto market. The sellers will continue to dominate the market and the situation may remain the same till inflation numbers cool down,” he added.
Days after it dipped below the $20,000 mark, Bitcoin recovered to go above the same levels on the day. Bitcoin price today stood at $20,037.01, up by a slight 2.84 per cent over the past 24 hours, data from CoinMarketCap showed at the time of writing this article.
“Bitcoin continued its sideways movement, trading just above the $20,000 level as the bearish sentiment continues to prevail through the crypto markets. The weekly chart for BTC is on a downward trend, traversing within a descending triangle pattern. The weekly RSI continues to remain in the oversold zone, reeling under 30. An immediate support for Bitcoin is expected at $17,700,” said analysts at the WazirX trade desk.
Ether went past the $1100 mark on the day. At the time of writing this article, Ethereum price was standing at $1,100.31, which is down by 4.21 per cent over the past 24 hours.
“Ethereum gained nearly 7% yesterday after closing in red for 5 consecutive days. On the 12-hourly time-frame, the trend for Ethereum has formed an ascending channel pattern. The daily RSI edged above 40 level indicating a buying momentum. The next key resistance for Ethereum is expected at &1,280 and an immediate support is expected at $890,” the analysts added.
Here are the top 10 cryptocurrencies and their prices on July 14, Thursday, 2022, (According to data from coinmarketcap.com)
Bitcoin $20,037.01 or 2.84 per cent gain in the last 24 hours
Ethereum $1,100.31 or 4.21 per cent gain in the last 24 hours
Tether $0.9994 or 0.02 per cent gain in the last 24 hours
USD Coin $1.00 or 0.01 per cent loss in the last 24 hours
BNB $230.37 or 2.97 per cent gain in the last 24 hours
Binance USD $1.00 or 0.12 per cent gain in the last 24 hours
XRP $0.3214 or 2.24 per cent gain in the last 24 hours
Cardano $0.4289 or 1.40 per cent gain in the last 24 hours
Solana $34.44 or 3.63 per cent gain in the last 24 hours
Dogecoin $0.06087 or 0.14 per cent gain in the last 24 hours
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About the Author
Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More
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By: Swastika Das Sharma