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Prices of Bitcoin & Ether Swings Following Inflation Report

Admin by Admin
July 13, 2022
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Bitcoin and Ethereum witnessed price swings on Wednesday following a red hot inflation report of 9.1%.

Bitcoin briefly jumped above $20,000 initially following the report, before plunging as low as $19,046 (and below $19,000 on some exchanges, like Binance). At the time of writing, bitcoin was trading hands at $19,598.13 USD, down 1.52% in the last 24 hours according to CoinMarketCap.

Ether, the native cryptocurrency of the Ethereum network, also saw its price spike towards $1,100 before surrendering its gains on Wednesday. ETH is currently trading at  $1,065.25 USD and down 1.22% in the last 24 hours according to CoinMarketCap.

The crypto market has come under persistent downward pressure following the collapse of the Terra blockchain in May and a liquidity crisis for crypto lending platforms in June. Bitcoin registered its worst quarterly decline in 11 years amid this market turmoil, dropping 56% during the second quarter of this year.

Questions has been raised over the future of Bitcoin and other altcoins due to the recent bearish market which has shook the industry.

Also Read- Expert Gives Advice on Bitcoin Investment Strategy

 

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