BITCOIN TRADES
BELOW $20,000 TODAY AS ETHEREUM, SOLANA, AND SHIBA INUS ALL SEE SLIGHT GAINS
On Wednesday, Crypto traded unchanged prior to the release of the US inflation. Increases in interest rates would continue if inflation rose sharply.
Over the past 24 hours, all the other major crypto tokens were trading in green except USD Coin and XRP. Each of Ethereum, Solana, Shiba Inu, and Unus Sed Leo saw a 1% rise.
The market capitalization of all cryptocurrencies was trading lower at $870.34 billion, falling close to 2% over the previous day. The market capitalization of all cryptocurrencies was trading lower at $870.34 billion, falling close to 2% over the previous day.
EXPERT OPINION
According to WazirX Trade Desk, the price of bitcoin is still fluctuating and the price movement appears to be trapped in a sideways pattern. In Russia, there has been a notable rise in demand for Bitcoin hardware wallets, it continued.
“In other news, 75 percent of Bitcoin nodes have enabled taproot, which brings additional security, scalability, privacy, and smart contract functionality to the Bitcoin network,” WazirX said.
WORLDWIDE UPDATES
The embattled cryptocurrency lender Celsius Network paid off all of its debt on the decentralized finance (DeFi) protocol Aave, releasing collateral in a move that was nearly identical to one it made last week on the competing network Maker.
The Department of Financial Regulation (DFR) of the US state of Vermont said that the troubled cryptocurrency lender Celsius Network is “seriously insolvent,” stating that the lender lacks the resources and liquidity to fulfill its obligations.
At its peak, Voyager Digital had $5.9 billion in assets, which is similar to a decent wealth management company or a small regional bank, and 3.5 million customers (about what Coinbase had in 2015).
The Shanghai municipal government unveiled its plan to develop a metaverse economy worth 350 billion yuan ($52 billion) by the end of 2025 in a policy paper on July 8.
TECH PERSPECTIVE FROM BITCOIN EXCHANGE BUYCOIN
Avalanche (AVAX), a cryptocurrency exchange, lost essential support, according to BuyUcoin’s tech opinion. Due to the selling pressure around the cryptocurrency market, it has decreased by roughly 7.5% over the past week.
A prolonged bearish period that may get stronger after today’s CPI data release is brought on by the Fed’s aggressive posture. The important $21 threshold was anticipated to be broken by the AVAX, but instead, it was supported only as low as $17.
If conditions on the crypto market as a whole improve and sellers decide to pull back, AVAX prices may rise again. To rekindle the bulls’ interest in the cryptocurrency market, considerable time and promising developments are required.
Given the fragile macroeconomic conditions surrounding the financial markets, the current downward trend in AVAX prices might persist.
