24 Crypto Update, 13 Feb: Markets Plunge After US CPI Report

Crypto market has dipped by 0.50%, hovering $1.94 trillion

• After January's US CPI data revealed a higher-than-expected 3.1% annual inflation rate, Bitcoin is presently undergoing consolidation.

• ETH/BTC rebounded from its support level, indicating the potential for ETH to outperform BTC in the coming days.

Major Events To Watch

Crypto Fear and Greed Index:

In the past 24 hours, there has been profit booking in the market, leading to a notable 5-point drop in the "Fear and Greed Index." Presently standing at 74 on a scale of 0 to 100, the prevailing sentiment in the market is clearly optimistic.

Latest Market Update: 

• #Bitcoin ($BTC) maintained stability around the $49,000 range early Wednesday.

• Other top cryptocurrencies such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC) experienced slight losses.

• The #PYTH token emerged as the top gainer, surging over 15% in the last 24 hours.

• Conversely, #BEAM, previously the largest gainer, faced a 7% dip, becoming the biggest loser within the same timeframe.

• Total crypto market volume in the last 24 hours stands at $73.76 billion, marking a 2.03% increase.

• DeFi volume accounts for $5.63 billion, constituting 7.63% of the total crypto market 24-hour volume.

• The volume of all stable coins reaches $67.4 billion, representing 91.37% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently at 52.33%, reflecting a decrease of 0.12% over the day.

Major Worldwide News Update:

• US inflation data, exceeding expectations, impacted Bitcoin and most of the crypto market. January's CPI rose by 0.3%, totaling 3.1% annually. The Fed may delay rate adjustments due to higher inflation, disappointing those anticipating a decrease. Bitcoin, surpassing $50,000, retreated below $49,000. Market sentiment may polarize, leading to panic sales.

• The U.S. Treasury urges lawmakers to strengthen tools against crypto crime, voiced by Brian Nelson, Under Secretary for Terrorism and Financial Intelligence. Efforts align with heightened congressional focus. Treasury seeks expanded authorities and sanctions tools for combatting illicit finance, emphasizing ongoing risks posed by evolving financial methods.

• Ian Freeman, a New Hampshire activist, is ordered to pay $3.5 million to victims of a romance scam, involving Bitcoin laundering. His actions, resulting in an eight-year prison sentence, exploited churches and defrauded vulnerable individuals, highlighting the legal system's fight against crypto-related crimes and its impact on victims.

• Due to rampant inflation, Argentina leads in stablecoin adoption, holding over 5 times more than its Latin American counterparts, with 60% of all crypto transactions. Stablecoins provide stability amid Argentina's volatile currency, safeguarding savings from devaluation amid economic turmoil. Conversely, Brazil and Mexico display lesser interest, favoring their comparatively stable local currencies.

• NVIDIA introduces Chat with RTX, a chatbot tool for offline AI interactions on Windows PCs using GeForce RTX cards. It mines local documents for answers to user queries. Despite limitations like no context recall, it supports various text-based models and file formats, marking NVIDIA's tech advancements.

• The Fairshake PAC, funded by major cryptocurrency companies like Ripple and Coinbase, launches an aggressive ad campaign against Representative Katie Porter in the California Senate race. This reflects crypto's rising political influence, aiming for candidates supportive of industry growth and regulation.

• The Blockchain Association opposes Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act, fearing it may harm America's strategic interests and job market while failing to curb crypto-related illicit activities. Industry experts question its practicality, emphasizing potential offshore migration and stifled innovation.

COIN GABBAR Views: Will BTC price surge to $100K post-Halving in 2024? Is an all-time high expected for BTC in February? With Bitcoin surpassing $50,000, what's its next move? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto Daily Roundup, 13 Feb: Bitcoin Hits $50000 Milestone