24 Hrs Crypto Update, Feb 14: Bitcoin Climbed 5 day High
On Tuesday, cryptocurrency prices rose after January CPI data. Bitcoin hit five-day highs after the morning announcement.
Derivates display favourable funding rates, indicating that cryptocurrency will go green in the ensuing hours.
Crypto Market Turned Green.
Following the most recent January CPI statistics, cryptocurrency prices modestly increased on Tuesday. After the morning release, Bitcoin climbed to five-day highs. Data for the Consumer Price Index (CPI) for the month of January were issued by the U.S. Bureau of Labor Statistics. The data was released amid widespread expectations of a major decline in inflation, with the expectation that the Fed will further soften monetary policy in the upcoming months. Inflation in the US decreased to 6.4%, which was better than the predicted 6.2% increase year over year.
The global cryptocurrency market cap rise by 0.27% to $1.08 trillion in the last 24 hours, according to CoinGabbar data at the time of writing. The total crypto market volume over the last 24 hours was $87.53 billion.
Cryptoquants Derivates shows positive funding rates which means crypto will turn green in the coming hours.
BTC price has rise by 1.85% in the last 24 hours. At the time, BTC was trading at $22,199, and bounce from the support zone. In the last 7 days, BTC price has fall by 2.47%. Bitcoin (BTC) dominance fall from 39.94% to 39.76% while ETH dominated 20.11% of the total crypto markets.
Top Crypto Prices
Ethereum (ETH): Ethereum price rise by around 3.13% to $1,555 in the last 24 hours. In the last 7 days, ETH price has fall by over 3.83%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.
Solana (SOL): Solana price rise 4.84% to $21.89 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 3.86%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.
Dogecoin’s (DOGE) price rise by 1.86% in the last 24 hours. DOGE is currently ranked 9th. The price of DOGE at the time of this report was $0.0836.
Polygon (MATIC) price rise by around 6.03% to $1.2579 in the last 24 hours. In the last 7 days, MATIC price has rise by around 5.41%. It is currently ranked 10th on CoinGabbar.
Shiba Inu (SHIB) rise by 2.02% in the last 24 hours to $0.00001277. It is currently ranked 14th on CoinGabbar.
Major Events
The CEO of Binance, CZ, complimented India for taking the initiative to regulate cryptocurrencies and asserted that any regulations are preferable to none at all.
The US Bureau of Labor Statistics reported that in January, US inflation reduced to 6.4%, which was lower than expected.
According to report, cryptocurrency whales traded more than 533 million XRP tokens, or around $198 million in value, during the course of the previous day.
