Cryptos Today: Bitcoin Erases Gains Of The Week, Ethereum Pulls Back Awaiting US Inflation Data; analysts expect further declines

Bitcoin (BTC) and Ethereum (ETH), the two cryptocurrencies with the highest market cap, operate in negative territory in the early hours of this Wednesday (10) and go to $23,074 and $1,697, respectively, down 2 .5% in the last 24 hours.

The move erases BTC’s gains for the week and reduces the same-period appreciation of ETH to less than 4%, which is gearing up for a major upgrade.

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Investors remain attentive to consumer inflation data in the United States, which will be released today. The consensus is for the July figure to come in at 8.7%, which is down from the previous month’s 9.1%, but still high enough to warrant a further 0.75% hike in US interest rates. percentage points.

“There has been a stabilization of some of the price movements, a little bit of a rebound from some of the recent lows,” points out Don Kaufman, co-founder of TheoTrade. The expert, on the other hand, highlights the fall in the implied volatility of the asset class as a bad sign in the short term.

“While there has been a bit of a decoupling between Nasdaq and the cryptocurrency market, the interesting irony is that this will come back and you know what the catalyst will be to trigger? Possibly the CPI [sigla em inglês para o Índice de Preços ao Consumidor dos EUA]”.

The expectation, therefore, is that the release of lower inflation data will not have the strength to encourage the markets – on the contrary, the expectation is that it will even be possible to see a deepening of the fall given the strength of the American currency.

“Lead CPI is expected to be lower than the previous reading, but we think it may be premature for the market to price in a Fed change of direction given the strength of the economic data released last week,” said Dick Lo, Founder. and CEO of trading company TDX Strategies, told CoinDesk.

The consensus is that the dollar should remain strong for a long time, and that it may even rise again after the release of inflation data soon.

“We expect the dollar to remain strong for the rest of this year. The US economy’s overheating and the hawkish-toned Fed (concerned about inflation) have a lot to do with the strong dollar. For the dollar to weaken, the Fed needs to be more concerned with growth than inflation, and we’re not there yet,” Bank of America’s global currency team wrote in a note to clients on Friday.

Experts also point out that the trading volume of cryptocurrencies remains very low, which shows the lack of conviction of traders regarding the direction of the market, as well as continuing to affect the financial health of crypto exchanges, which profit from trading fees.

Coinbase, the largest U.S. crypto exchange, said yesterday that trading volume on its platform plunged nearly 30% in the second quarter from the first, and that revenues were below the average analyst estimate.

“It was a difficult quarter for most companies in the cryptocurrency sector,” Coinbase President and COO Emilie Choi told Bloomberg. “We had some big episodic events in the quarter, so the prices of some of those assets have shrunk, which affects assets on the platform and other numbers,” she said.

The broker’s shares fell 5% in yesterday’s session after the news broke, detracting from the stock’s gains in the wake of the BlackRock deal.

At the same time, Coinbase is dealing with a US court case filed by a shareholder who accuses the company’s leadership of issuing “false and misleading statements” in public records before the Nasdaq IPO in April 2021.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 23,074.58 -1.7%
Ethereum (ETH) US$ 1,697.54 -2.5%
Binance Coin (BNB) US$ 319.97 0%
XRP (XRP) US$ 0.364021 -2.6%
Cardano (ADA) US$ 0.511752 -2.5%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Read DAO (READ) $2.34 +4.2%
Near Protocol (NEAR) $5.43 +2.1%
Fantom (FTM) US$ 0.379788 +2%
Avalanche (AVAX) $28.13 +1.8%
Chain (XCN) US$ 0.089870 +1.3%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
BitDAO (BIT) US$ 0.695665 -7.6%
Oasis Network (ROSE) US$ 0.100233 -6.8%
Helium (HNT) $8.44 -5.8%
Celsius Network (CEL) $1.82 -4.5%
Algorand (SOMETHING) US$ 0.343448 -4.1%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 21.26 -3.36%
Hashdex BTCN (BITH11) BRL 28.30 -3.11%
Hashdex Ethereum (ETHE11) BRL 25.68 -4.49%
Hashdex DeFi (DEFI11) BRL 27.34 -1.86%
Hashdex Smart Contract Platform FI (WEB311) BRL 21.87 -5.36%
QR Bitcoin (QBTC11) BRL 7.60 -0.65%
QR Ether (QETH11) BRL 6.44 3.15%
QR DeFi (QDFI11) BRL 5.03 -3.45%
Crypto20 EMPCI (CRPT11) BRL 6.08 -1.77%
Invest NFTSCI (NFTS11) BRL 34.50 -1.08%

See the main crypto market news for this Wednesday (10):

DeFi Curve protocol suffers $570,000 hack

Hackers stole approximately $570,000 from the Curve.Finance (CRV) decentralized finance (DeFi) protocol, according to a screenshot of the protocol’s wallet shared on Twitter yesterday.

Shortly after the announcement, protocol operators said via Telegram that they found the source of the problem and fixed it.

“If you have approved any contracts on Curve in the last few hours, revoke them immediately,” they said, in reference to permissions granted by users on cryptocurrency wallets when interacting with DeFi protocols.

Curve also advised users to use the address until the website returns to normal.

Developers add up to $600,000 from DeFi project users

The developers behind the DeFi Blur Finance protocol, which runs on the BNB Chain and Polygon (MATIC) networks, appear to have suddenly abandoned the project and deleted social media profiles. More than $600,000 worth of tokens have disappeared, security firm PeckShield said on Wednesday.

The protocol’s website reports an invalid certificate, and the access link to the project’s channel on Discord brings an “invalid invitation” message.

The features are from a known scam in DeFi as rug pull, in which developers launch an app, accumulate crypto from investors who expect to receive interest, and then disappear with the users’ assets.

Amid the crisis, the project’s BLR token is down 99%, trading at $0.00064 around 7:20 am today. The crypto had hit $0.6 last week.

MercadoLibre will expand cryptocurrency offering in Latin America

MercadoLibre plans to expand its cryptocurrency trading offering across Latin America.

In December, users of Mercado Pago, Mercado Livre’s digital wallet, were allowed to buy and sell Bitcoin, Ethereum and the stablecoin Pax Dollar (USDP) in Brazil following an integration with Paxos’ blockchain infrastructure.

“We will be expanding the possibility of buying, selling and holding cryptocurrencies in your account in the region,” Osvaldo Gimenez, vertical fintech director at Mercado Livre, told Spanish newspaper El País.

Contacted by CoinDesk, Mercado Livre did not provide a release date or details on exactly which countries would be next in line to receive the news.

Celebrities are getting free crypto for a tool banned in the US

An anonymous user sent ETH in a series of transactions to the wallets of US celebrities such as TV presenter Jimmy Fallon and comedian Dave Chappelle, as well as clothing brand Puma and Coinbase CEO Brian Armstrong.

The operation would be harmless if it did not use the Tornado Cash service, made illegal by the US Treasury on Monday (8).

It is speculated that the anonymous is trying to implicate famous people in a possible problem with authorities, in protest against the ban on the use of the tool.

Tornado Cash is a service that mixes cryptocurrency transactions to hide the origin of the assets that reach a given wallet. The solution is touted as a means to “launder” stolen cryptos.

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