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Cryptocurrency Update: The global cryptocurrency market plunged on Friday, February 11th once again amid volatility as all major cryptocurrencies lost their values. The Cryptocurrency market The cap reached $1.98 trillion, according to data from global cryptocurrency tracking site CoinMarketCap. This has decreased by 3.18 percent over the past 24 hours. However, global cryptocurrency volume has skyrocketed over the past day. The total volume of coins in circulation reached $115.68 billion over the past day. Data posted on the website said this had fallen by 35.61 percent over the past 24 hours.
The US Consumer Price Index (CPI) came in at 7.5 percent last night, above consensus estimates. Not surprisingly, the Fed has reiterated its stance to taper QE and raise interest rates, possibly by a full percentage point by July. The tough stance corrected risk assets across the board, from stocks to cryptocurrencies, while the 10-year Treasury yield topped 2 percent for the first time since 2019, the CoinDCX research team said in a note.
As long as inflation remains high, any further rally for stocks and cryptocurrencies is likely to be limited. However, we are cautiously optimistic about the structural bull market remaining intact, particularly for cryptocurrencies, given the massive amount of money that has continued to flow into the sector, despite the seemingly lackluster economic outlook.”
Bitcoin saw a slight loss on the day, dropping its value below the $44,000 mark according to the data. At the time of writing this article, bitcoin prices are at $43,488.94 according to CoinMarketCap. This is down 2.77 percent over the last 24 hours. On the other hand, Ether prices are up 4.42 percent over the past day and are at $3,103.79 at the time of writing.
Bitcoin continued to hold its position near the $44,000 level with high volumes in the past two days. On the weekly chart, Bitcoin can be seen bouncing off the support levels and moving forward. The next resistance for BTC is expected at $50,700 and the immediate support is expected at the $39,300 level. “
Top 6 profitable cryptocurrencies in the last 24 hours (according to data from CoinMarketCap)
MetaPay: $0.00001313 – up 709.78 percent
Doge Rise Up: $0.00000000005945 — up 690.66 percent
Meta Uranus: $0.0006626 — up 348.96 percent
Last Survivor: $0.03284 — an increase of 323.14 percent
NinjaFloki: $0.00007536 — up 258.11 percent
Healthify: $0.0005098 — up 244.50 percent
Top 6 cryptocurrency losers in the last 24 hours (according to data from CoinMarketCap)
Wall Meta: $0.0001146 – down 99.90 percent
Dogecolony: $0.0000001001 — down 97.92 percent
Bored Floki Yacht Club: $0.000009444 — down 78.64 percent
Silva Token: $74.10 — down 0.00000000003034 percent
GRAP: $0.04848 – down 67.00 percent
Luna Eno: $0.001122 – down 58.41 percent
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