Crypto Market Drops 1.82% as Inflation Data Triggers Sell-Off
1min read The release of U.S. inflation data triggered an immediate decline in the cryptocurrency market, with all digital assets experiencing a market correction. Bitcoin is currently trading below $83,000, while Ethereum is below $1,800. The global crypto market cap has reached $2.68 trillion, although it has declined by 1.82% over the last day. Trading activities have experienced a substantial decline as market liquidity decreased by 30%, resulting in a volume of $62.18 billion. Bitcoin dominance has risen to 61% as investors demonstrate a reserved market sentiment across the crypto market. A nationwide market downturn has been caused by stock market variants and decreased customer optimism, resulting in crypto liquidations totaling $450 million.
XRP has seen a 12% drop in just 48 hours, making it the worst-performing major cryptocurrency this week, despite Ripple’s victory over the SEC. The cryptocurrency's price, particularly XRP’s, has been on a downward trend. A crypto analyst noted that if XRP manages to break above $3, it could invalidate the current head-and-shoulders pattern, potentially turning the outlook bullish for the cryptocurrency.
The Bitcoin market suffered a substantial price decrease in recent 24 hours, pushing its value below $83,000. Since its recent height at $90,000, the leading cryptocurrency has started to decline in price. The most recent BTC market information reveals its status at $82,324, showing a decline of 2% during one day. Crypto analyst Ali noted Bitcoin’s significant indicator, which shows that its sell-side ratio has dropped down to 0.086%. Previous price recovery signals have emerged when the sell-side ratio dipped below 0.1%. The persisting bearish pressure would likely lead Bitcoin to fall briefly to $80,000 in the forthcoming period. The BTC price could increase to $90,000 provided the bulls eventually recapture dominance from bears.
Ethereum prices faced a major drop during the past day, resulting in values falling beneath $1,900 due to market-wide selling pressure. Within this period, $136.21 million worth of liquidations occurred because of the price decline. ETH price trades at a downward price movement while market participants continue to predict it will reach the $2,000 mark. Ethereum may reach its key support region at $1,800 if its bearish movement keeps going down. A whale made an impactful purchase of 3,195 ETH, which amounted to $5.97 million at the token rate of $1,868. This whale has spent 29,341 ETH worth $58.18 million starting from March 26 at $1,983 for each token.
Ask Aime: What's causing the decline in crypto prices?
The cryptocurrency market currently experiences difficulties because of underlying economic market indicators. Market participants carefully observe how inflation data influences stocks and cryptocurrencies simultaneously.
