Top Cryptocurrency Prices Today: Solana and Polkadot Up 5%, Avalanche Drops 3%
Investors and asset classes across the world awaited the latest Consumer Price Index (CPI) data on Friday. Selling pressure remains on the digital token market, so inflation numbers could hurt riskier assets.
Most of the crypto tokens were trading flat on Friday with minor changes. Avalanche Down 3 per cent, Dogecoin and Cardano also traded in the red. On the other hand, solana jumped 5 percent, followed by a 4 percent increase polka dot,
The global cryptocurrency market cap was trading flat at the $1.24 trillion mark, with no material change in the last 24 hours. However, total cryptocurrency trading volume fell by almost 7% to $61.86 billion.
Cryptocurrency prices have plummeted this year as the Federal Reserve withdrew stimulus and hiked rates to combat inflation.
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Chief Economic Adviser V Ananth Nageswaran said cryptocurrencies in the absence of a centralized regulatory authority are akin to the “Caribbean pirates’ world” and have yet to pass the test of a fiat currency.
He said the government is adopting a ‘high-wire balancing act’ to ensure that gains in growth, inflation and stability of the rupee do not dampen the gains of the last four years.
Mudrex CEO and co-founder Edul Patel said bitcoin has lost nearly 12 percent in value over the past month and is down more than 35% from all-time highs.
Most cryptocurrencies have also declined slightly over the past day. He added that crypto prices have fallen this year as the Federal Reserve hiked rates to combat inflation.
Bitsair exchange founder Kunal Jagdale said bitcoin remains at the $30,000 level as investors await key inflation data, which will give an indication of what the Federal Reserve might do in September.
“Inflation numbers are hot and will remain hot in the new update. Rate hike expectations are likely to climb after the new report. The crypto market risks further selloff from the outbreak of bad news,” he added.
South Korean law enforcement agencies are investigating Do Kwon’s TerraForm Labs following the collapse of the controversial algorithmic stablecoin, TeraUSD (UST), last month, according to a report in the Financial Times.
Ethereum scaling tool Optimism announced on Wednesday that attackers stole $15 million in OP governance tokens. Optimism aims to send funds to the crypto market maker.
Bamboo believes that its user-friendly, micro-investing and savings application (app) is a way to make crypto investing easier and less intimidating for consumers.
Global brokerage company BGC Partners (BGCP) plans to create a cryptocurrency exchange and launch it by the end of this year or in the first quarter of 2023, CEO Howard Lutnick said during Piper Sandler’s Global Exchange and Brokerage conference.
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Solana recently announced its $100 million fund to support Web3 projects in South Korea that will be deployed for gaming and development of NFT and DeFi projects.
The announcement cemented Solana’s position in the altcoin ecosystem. Solana is hovering around the $40 mark which is down about 85% from its peak.
It will easily take 2-3 years for Solana to reclaim its all-time high but the pace of growth will depend on the macroeconomic factors surrounding the crypto markets. Inflation numbers will also affect the development of crypto markets around the world in the coming weeks.
(The views and recommendations in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking any position in the assets mentioned.)