24 Hrs Crypto Update, Feb 16: Bitcoin Crossed $25,000
The US stock market fell quickly after the speech, which also had an effect on the crypto market.
AVAX, Cardano, Solana, Polkadot, and other significant altcoins lost some ground.
Crypto Market Turned Neutral.
The US PPI index unexpectedly increased sharply in January by 0.7%, exceeding market expectations, which caused the cryptocurrency market to decline.
The US stock market dropped shortly after the statement, which also had an impact on the cryptocurrency market. The Dow Jones Industrial Average fell by 284 points, or 0.83%, during this time. The S&P 500 and the Nasdaq composite both fell by 1.38 and 1.13 percent, respectively. Major Altcoins including Dogecoin, Cardano, Solana, Polkadot, and AVAX lost some ground.
The global cryptocurrency market cap rise by 0.6% to $1.17 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 $104.93 billion.
Cryptoquants Derivates shows positive funding rates which means crypto will turn green in the coming hours.
BTC price has rise by 0.75% in the last 24 hours. At the time, BTC was trading at $24,515, and reject from the $25,250 mark. In the last 7 days, BTC price has fall by 6.567%. Bitcoin (BTC) dominance fall from 39.76% to 4.85% while ETH dominated 20.11% of the total crypto markets.
Top Crypto Prices
Ethereum (ETH): Ethereum price rise by around 0.19% to $1,678 in the last 24 hours. In the last 7 days, ETH price has rise by over 1.56%. It is currently ranked as the 2nd largest crypto asset on CoinGabbar.
Solana (SOL): Solana price fall 3.17% to $23.10 in the last 24 hours. In the last 7 days, SOL price has fall by nearly 0.11%. It is currently ranked as the 12th biggest crypto asset on CoinGabbar.
Dogecoin’s (DOGE) price fall by 2.18% in the last 24 hours. DOGE is currently ranked 10th. The price of DOGE at the time of this report was $0.08728.
Polygon (MATIC) price rise by around 6.08% to $1.410 in the last 24 hours. In the last 7 days, MATIC price has rise by around 7.60%. It is currently ranked 9th on CoinGabbar.
Shiba Inu (SHIB) fall by 5.04% in the last 24 hours to $0.00001306. It is currently ranked 15th on CoinGabbar.
Major Events
A report issued by the Labor Department on Thursday claims that wholesale inflation picked up again in January as producer prices increased more than was anticipated at the start of the year. The Producer Price Index (PPI), which measures how much raw materials sell for on the open market, increased by 0.7% for the month, which is the highest increase since June.
To commemorate the partnership, The Sandbox will give away a limited-edition NFT to the first 1,000 people who register.
After US regulators imposed restrictions on the issuance of BUSD, it appears that Binance is seeking for alternative options in the stablecoin market.
Canada is stepping up with laws in response to the recent Securities and Exchange Commission (SEC) engagement in cryptocurrency operations.
