On Thursday, the value of crypto tokens fluctuated. Although US inflation data was scorching, Bitcoin was able to recapture the $20,000 psychological milestone.
A strong US inflation reading for June would be as expected. This would prompt the Federal Reserve to tighten monetary conditions further to halt the growth in consumer prices.
Bitcoin, Ethereum, XRP, Solana, and Polkadot each rose to 1 percent in trading, while stablecoins also recorded small increases. Several tokens were in the red, including Shiba Inu and Dogecoin.
Total crypto market value rose over 3% in 24 hours to $897.86 billion at press time. While this is true, the total volume of cryptocurrency trades has increased by 34%, to $74.83 billion.
Expert Commentary on Bitcoin
Charles Tan, CMO at Atato, indicated that the cryptocurrency’s price reduction was due to the CPI statistics. According to the latest CPI report, “in an intriguing but much-anticipated development, US inflation jumped to a 41-year high.”
The Fed’s commitment to strict inflation metrics could lead to another rate hike, which is negative for investors. He further speculated that sellers will maintain control of the market due to the high-interest rate.
New Developments on a Worldwide Scale
After paying off its outstanding debt to the decentralised finance (DeFi) lending system Compound, the troubled cryptocurrency lender Celsius Network, which is experiencing liquidity difficulties, released roughly $200 million in promised collateral.
Token-Based Scaling Mechanism for Ethereum Polygon is working on a new initiative with media giant The Walt Disney Company to further expand its Web3 infrastructure.
When the insolvent lender Celsius Network is said to be planning a dump of some of its holdings to create liquidity, the crypto market’s esoteric statistic known as the “stETH discount” suddenly sends a distress signal.
Senate nomination of Michael Barr, a former Ripple consultant, to the position of vice chairman for supervision at the Federal Reserve means that he will soon take on one of the most significant regulatory responsibilities in the United States.
Giottus Crypto Platform Technology Overview
Solana is a highly scalable layer-1 blockchain that uses a hybrid Proof-of-Stake and Proof-of-History consensus mechanism to enable smart contracts and the creation of decentralised applications. Solana’s native token, SOL, has a market cap that places it in the top 10 of all cryptocurrencies.
As with the majority of cryptocurrencies, Solana’s value has fallen by almost 86% from its all-time high due to the current bear market. Solana has been on a negative trend all of 2022, with lower highs and even severe pullbacks.
