Bitcoin was down 8 per cent on Wednesday while Ethereum was down 21 per cent. Binance Coin, XRP and Cardano also fell in double digits. Interestingly, the selling took place in relatively high volumes. Given this trend, analysts say that it means that this trend may continue for some time. This means that it does not seem worthwhile to expect the expected correction in the prices of cryptocurrencies for some time to come. The price of bitcoin in India at 6 PM IST on July 14 was Rs 24.2 lakh.
Mudrex CEO & Co-Founder Edul Patel said, “Markets are currently being dragged down by Bears. While it was not a worrying selling session, the ongoing momentum in the markets is quite bearish. Bitcoin is at the level of $33,000. Ethereum fell below the $2,000 mark, causing fear among altcoins. Such volatility can be expected to continue throughout the week.” The price of Ethereum in India at 6 PM IST on July 14 was Rs 1.45 Lakh.
Although the sell-off was not only contained in the crypto market, but stocks around the world were also under pressure. The main reason behind this is a higher than expected increase in inflation in the US, which has led to a rise in yields and the US dollar. The Labor Department said on Tuesday that the US consumer price index jumped 0.9% in June. This was above market expectations and was the biggest gain since June 2008.
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