The Rise of Crypto Tokens Ahead of US Inflation Data
In Wednesday’s trade, crypto tokens experienced an upward trend as they prepared for the release of key US inflation data. Bitcoin (BTC) saw a 1.62% increase, reaching $29,727, while Ethereum (ETH) surpassed the $1,850 mark. Other tokens such as BNB, XRP, Dogecoin, Solana, Polygon, and Polkadot also witnessed positive movement.
Factors Influencing Bitcoin’s Price Movement
- Chinese trade numbers for July and the U.S. 10-year Treasury yield decline contributed to Bitcoin’s consolidation above $29,500.
- Bitcoin broke the $30,000 resistance level but failed to maintain momentum.
- The support level for BTC has been gradually increasing, potentially finding strong support at $29,000 in the coming weeks.
Expert Analysis and Market Indicators
According to Edul Patel, Co-founder and CEO at Mudrex, the recent price movement of Bitcoin could be attributed to the fall in Chinese trade numbers and the decrease in the U.S. 10-year Treasury yield. Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, suggests that BTC’s support level may provide a strong base for a future upward movement. Rajagopal Menon, Vice President at WazirX, analyzes various market indicators, signaling a neutral market sentiment but with potential for a buy opportunity.
Crypto Cart: Quick Glance
Here are the latest prices and percentage changes in the last 24 hours for some prominent cryptocurrencies:
- Bitcoin: $29,727 (+1.62%)
- Ethereum: $1,856 (+1.27%)
- Tether: $0.9995 (+0.06%)
- BNB: $244 (+0.94%)
- XRP: $0.6448 (+3.22%)
Note: Prices are as of 11.25 hours, IST on August 9, 2023.
Hot Take
The crypto market continues to show resilience and potential for growth despite external factors influencing price movements. With Bitcoin’s support level gradually increasing and positive indicators from market experts, there is optimism for a strong upward movement in the future. Crypto enthusiasts should keep a close eye on market trends and expert analysis to make informed decisions.
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