Cryptocurrency price today: In a surprising move, the cryptocurrency market on Thursday, July 14th rose near the $900 million mark even as US inflation surged to a four-decade high according to data disclosed by the government the day before. The cryptocurrency market capitalization reached $896.46 billion per day, up 1.52 percent in the past 24 hours, according to the data.
“In an interesting but much anticipated development, the US inflation rate rose to its highest level in 41 years as suggested on the last day of the CPI. The soaring inflation figures released by the US labor statistics showed an immediate impact on the cryptocurrency market as it plummeted Bitcoin price increased 4.2% to around $19,200, but recovered slightly towards the end of the day.” Guardian wallet
“For investors, this means that the Federal Reserve continues to take drastic measures to control inflation which could lead to another rate hike. A higher interest rate may discourage borrowing and thus reduce the flow of money in financial markets including the cryptocurrency market. Sellers will continue to Control of the market and the situation may remain as it is until the inflation numbers subside.
Days after dropping below the $20,000 mark, bitcoin has recovered to break above the same levels on the day. Today’s bitcoin price is at $20,037.01, up 2.84 percent in the past 24 hours, data from CoinMarketCap shows at the time of writing.
“Bitcoin continued its sideways movement, trading just above the $20,000 level as the bearish trend continues to spread in the crypto markets. BTC weekly chart is in a bearish trend, crossing within a descending triangle pattern. The weekly RSI continues to remain in the Oversold, reeling below 30. The immediate support for bitcoin is expected to reach $17,700,” said analysts at WazirX Trade Desk.
Ether crossed $1,100 that day. At the time of writing this article, the price of Ethereum was standing at $1,100.31, a drop of 4.21 percent over the past 24 hours.
Ethereum rose nearly 7% yesterday after closing in the red for 5 consecutive days. On the 12-hour time frame, the Ethereum trend has formed a bullish channel pattern. The daily RSI rose above the 40 level indicating buying momentum. The analysts added that the next major resistance for Ethereum is expected at &1,280 and the immediate support is expected at $890.
Here are the top 10 cryptocurrencies and their prices on July 14, Thursday, 2022 (according to data from coinmarketcap.com)
Bitcoin $20,037.01 or 2.84% increase in the past 24 hours
Ethereum $1100.31 or 4.21 percent gain in the last 24 hours
$0.9994 or 0.02 percent credit in the last 24 hours
USD Coin 1.00 USD or 0.01 percent loss in the last 24 hours
BNB gained $230.37 or 2.97 percent in the last 24 hours
Binance gains $1.00 or 0.12 percent over the past 24 hours
XRP $0.3214 or 2.24 percent over the past 24 hours
Cardano $0.4289 or 1.40 percent gain in the last 24 hours
Solana $34.44 or 3.63 percent gain in the last 24 hours
Dogecoin $0.06087 or 0.14 percent over the past 24 hours