Traders bitcoin pricePrice remained stagnant as we continued to wait for a breakout or price drop that would determine the next move. According to the Bitcoin Fear and Greed index, crypto traders remain on a ‘downtrend’, albeit much less than last week.
Altcoins Continue to Rise as Bitcoin Stays Laid
The largest cryptocurrency by market cap has risen a bit, fallen some, but is always firmly settled at the $30,000 threshold, where it has camped for most of the past five weeks as investors await Friday’s latest Consumer Price Index (CPI) data.
Following the news that the European Central Bank will increase interest rates, European and US indices fell. Technology companies, on the other hand, suffered a 2.7% decline in the NASDAQ and a similar decline in the S&P 500. The European Central Bank, on the other hand, announced that it would increase interest rates by a quarter point in July to combat inflation and that it would continue to increase interest rates in the following months.
The US CPI is expected to show inflation still well above its four-year high of 8%. The Federal Reserve will likely raise interest rates another half point at its next meeting, in line with its most recent rate hike last month.
In addition to all these developments, energy prices continued to hover at the highest levels of 2022 as Brent crude oil, a benchmark of global energy markets, closed at approximately $123 per barrel, with an increase of approximately 60% since the beginning of the year.
bitcoin, was trading at roughly $30,000, which is roughly constant over the past 24 hours. Ethereum, the second-largest cryptocurrency by market cap, was trading just below the $1,800 level it had been stuck with the day before and the past few weeks.
weekly #Bitcoin Metrics Overview (2022.06.10)
” $BTC is moving sideways for a month while the leverage is piling up.”
Read More 👇https://t.co/KsD0IpZ46a
— CryptoQuant.com (@cryptoquant_com) June 10, 2022
Other major altcoins presented a somewhat mixed outlook, with LTC losing more than 3% at one point, while ADA and CRO were down around one percent. Among the winners, LINK continued its recent rise, climbing over 6% at one point, while SOL rose more than 3%.
The overall cryptocurrency market cap is $1,233 trillion and Bitcoin’s dominance rate is 46.3%.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.