Proactive Investors – Risk markets including bitcoin and cryptocurrency were surprisingly non-reactive to Thursday’s inflation print in the US, which by most accounts proved the world’s largest economy is getting a grip on consumer prices.
Year-on-year inflation for the month of July came to 3.2%, per yesterday’s print.
This was 0.3% higher than the previous print but slightly lower than the 3.3% forecasted. Core inflation fell from 4.8% in June to 4.7% in July, once again slightly edging out the 4.8% forecasted.
It wasn’t enough to push the needle on BTC/USDT spot prices though, with the pair actually falling 0.4% throughout the day to hit the midnight bell at US$29,455.
At the time of writing, bitcoin was swapping for US$29,400, marking incremental losses in this morning’s Asia trading window.
Bitcoin chalks up third red candlestick in a row – Source: bitcoin.com
Other risk markets including US equities didn’t move either, suggesting downward inflation pressures are already baked into the market.
This means little has changed for bitcoin in the short term, with US$30,000 remaining an insurmountable barrier for the benchmark cryptocurrency, as proven by the massive sell wall amassed at this price point, per Binance’s order book.
Support is pinned at US$29,000, suggesting a continued sideways trade within this US$1,000 range.
Ethereum (ETH) is showing exceptionally low volatility, with the ETH/USDT pair sitting at US$1,850 for the third day in a row.
In the altcoin space, meme coin Shiba Inu (SHIB) remains the top performer in the top-20 set, having added 19% week on week for a market capitalisation of US$5.9 billion.
Solana (SOL) has also pulled ahead of the market by surging nearly 8% week on week, while Dogecoin (DOGE), Cardano (ADA) and Polygon (MATIC) have all added low single digits to their respective markets caps.
Global cryptocurrency market cap currently stands at US$1,17 trillion, with bitcoin dominance at 50.45%.
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