The Crypto Market: Mixed Trading and Market Cap Dip
The crypto market experienced mixed trading on Friday, with some tokens trading with cuts while others saw gains. Bitcoin, Ethereum, BNB, and Litecoin were trading with cuts, while XRP, Shiba Inu, Tron, and Solana were trading with gains. The global cryptocurrency market cap was trading lower at around $1.17 trillion, falling 0.25% in the last 24 hours.
Key Points:
- Bitcoin fell nearly 1% after the U.S. CPI print showed inflation rose to 3.2% annually in July, slightly below expectations but still higher than the desired 2% by the Federal Reserve.
- The BTC volume dropped by 27.1% in the last 24 hours, standing at approximately $11.57 billion.
- Bitcoin’s market cap was around $571 billion, with a dominance of 48.76%, according to CoinMarketCap.
- The decline in Bitcoin’s price was attributed to reduced liquidity in the crypto market, leading to the introduction of crypto derivatives and regulatory factors such as the registration of Bitcoin ETFs and the SEC’s influence on market dynamics.
- Major market oscillators indicate a neutral sentiment, with indicators like the Relative Strength Index (14) sitting at 48 and the Stochastic %K (14, 3, 3) and Average Directional Index (14) at 54 and 14, respectively.
Hot Take:
The crypto market experienced mixed trading with some tokens seeing cuts and others gaining. Bitcoin’s slight dip was influenced by factors like inflation concerns and reduced liquidity. Despite the decrease, market oscillators suggest a neutral sentiment. Regulatory factors and the introduction of crypto derivatives continue to impact market dynamics. Stay informed and monitor these developments to make informed decisions in the crypto market.
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