Prices of Bitcoin, XRP, and Dogecoin Fall, While Ethereum Performs Well Despite Inflation Report.
Cryptocurrency markets are experiencing a decline on Tuesday, despite a consumer price inflation report meeting expectations. The current prices of top cryptocurrencies include Bitcoin at $116,848.09, Ethereum at $3,072.94, Solana at $162.49, XRP at $2.91, Dogecoin at $0.1950, and Shiba Inu at $0.00001353.
Data from IntoTheBlock shows a considerable increase in large transaction volume by 141.1% and a growth of 28.3% in daily active addresses. Transactions exceeding $100,000 have risen from 8,732 to 16,402 within a day, while exchanges netflows have decreased by 805.3%. Coinglass data reports that 136,584 traders were liquidated in the past 24 hours, resulting in losses totaling $529.10 million.
Among the top gainers and losers in the past 24 hours are Pump.fun (CRYPTO: PUMP), Pudgy Penguins (CRYPTO: PENGU), and Sei (CRYPTO: SEI).
Several noteworthy developments have emerged recently in the cryptocurrency sphere. A tweet from former President Donald Trump expressed well wishes to Bitcoin, Ethereum, and XRP for ‘Crypto Week,’ as part of his ‘Make America Great Again’ campaign. Additionally, Amaze has adopted a blockchain payment strategy with a focus on stablecoin in its first phase. Meanwhile, Standard Chartered has become the first major bank to provide deliverable BTC and ETH to institutional clients, marking its entry into crypto trading.
In other news, Polymarket has been cleared of Biden-initiated probes by a Department of Justice led by Trump. Moreover, Maxine Waters has predicted significant fraud in the event that proposed crypto bills are passed. Notable recent activity includes a substantial move of 80,000 BTC by a Bitcoin whale, sparking speculations of a potential $9 billion dump.
Crypto trader Michael van de Poppe has observed a “classic move” in the market, suggesting further downside for Bitcoin and Ethereum to reduce overleveraged long positions. He warns of increased volatility and the likelihood of sharp corrections despite the broader upward trend.
Rekt Capital has highlighted Bitcoin’s proximity to the Daily CME Gap level of $114,000–$117,000, a historically significant price zone. Roman Trading anticipates a possible retest at $112,000 and advises waiting for clear indicators on lower timeframes before considering long setups. Santiment data indicates that Bitcoin is dominating social discussions, with almost half of all crypto conversations revolving around BTC.
In conclusion, the cryptocurrency market is experiencing various fluctuations and developments, with traders closely monitoring price levels and indicators to navigate the volatility effectively. Bitcoin remains a focal point of attention, with its value and market trends shaping the broader cryptocurrency landscape.
