Monday, 22 July 2024
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AltcoinsCrypto

The cryptocurrency market is under pressure to decline

  • On Wednesday, the price of cryptocurrencies remained unchanged as a result of growing inflation worries.
  • S&P, Dow, and Nasdaq all saw negative closing prices at the market‘s close—down 0.70%, 0.57%, and 1.06%, respectively.
  • The greatest gainer was Worldcoin (WLD), which increased by 18.4%.

On Wednesday, the price of cryptocurrencies remained unchanged as a result of growing inflation worries, which were exacerbated by the high price of WTI crude oil. This has given rise to worries that consumers might already be under pressure much more.

With many believing that the Federal Reserve would not be able to reduce interest rates anytime soon and may have to keep hiking rates to attain their 2% inflation objective, stocks traded lower for a second day.

Cryptocurrency market

S&P, Dow, and Nasdaq all saw negative closing prices at the market’s close—down 0.70%, 0.57%, and 1.06%, respectively. After reaching a high of over $26,000 in the afternoon, the price of Bitcoin (BTC) reversed direction and dropped to $25,360 before climbing back to a support level of $25,700.

Bitcoin has been trading in a constrained range since August 18, according to analysts at MN Trading, indicating long holdings rather than shorts.

Crypto Tony issued a warning, saying that Wednesday’s price movement indicates that bears are currently in charge and that anyone who wants to long the market should exercise caution.

On Wednesday, the top 200 altcoins were split equally between gainers and losers, with most tokens trading within 3% of yesterday’s prices. The greatest gainer was Worldcoin (WLD), which increased by 18.4%.

Enjin Coin (ENJ), which increased by 14.2%, and Numeraire (NMR), which increased by 8.6%, were the next biggest gainers. The largest losers were Centrifuge (CFG), which dropped 5.7%, and UniBot (UNIBOT), which dropped 4.9%.

The market capitalization of all cryptocurrencies is currently $1.04 trillion, with Bitcoin having a 48.2% market share.

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