Yesterday’s inflation news from the US pushed bitcoin to $50,000 once more, but the asset failed and dropped by several thousand dollars. Most altcoins are also in the red on a daily scale, as ETH slid to $4,000.
Bitcoin Rejected at $50K
The past several days didn’t go all that well for the primary cryptocurrency. It tried to recover from last week’s massive crash and challenged the $50,000 mark on several occasions but to no avail.
Its inability to break above had driven it to around $47,500 yesterday when the US Bureau of Labor Statistics revealed the highest inflation number in about 40 years of 6.8%.
This had an immediate effect on BTC’s price, which jumped by a few thousand dollars and touched $50,000. As it happened with the previous attempts, though, the asset couldn’t pass by it, and the subsequent rejection drove it south by more than $3,000.
After dumping below $47,000, bitcoin bounced off rather well and currently sits above $48,000, and the market cap is north of $900 billion.
Alicia BakeryCMO – A really good agency
Did you like this market update?
This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:
Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours!
BTCUSD. Source: TradingView
ETH at $4K: Polkadot Jumps 5%
The second-largest digital asset went above $4,400 a few days ago, but the predominantly negative sentiment in the market brought it below $4,000 briefly. As of now, though, ETH stands above that line.
Binance Coin traded north of $600 recently as well, but another 4% decline on a daily scale has pushed BNB to $550. Solana (-3%), Cardano (-2%), Avalanche (-3%), and Shiba Inu (-1.5%) are also slightly in the red.
Terra, which was among the best performers lately, is down by 8% today. Consequently, LUNA sits at just over $60.
Ripple and Dogecoin are just slightly in the red, while Polkadot has jumped by 5% and sits around $28.
The cryptocurrency market cap dipped below $2.3 trillion yesterday but is now just above it.
Cryptocurrency Market Overview. Source: Quantify Crypto
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Tags: Bitcoin (BTC) Price