ISLAMABAD
The cryptocurrency market remained bearish on Thursday as investors are opting for a cautious approach due to geopolitical tensions, with the market capitalization losing 1.5 percent to reach $1.08 trillion.
As of 1105 hours GMT, Bitcoin, the world’s oldest and most valued cryptocurrency, dipped by 2 percent in the last 24 hours to reach $26,755. The market capitalization of the biggest crypto has reached $522 billion with this decrease. Bitcoin has been 3.4 percent up in the past seven days.
Bitcoin (BTC) price has remained relatively stable at around $28,000 for the past few days but has undergone selling in the last 24 hours. The United States Consumer Price Index (CPI) will be released later in the day and this event may cause a further spike in volatility.
Since the pandemic, Bitcoin price action has been extremely sensitive to US macroeconomic events due to the ebb and flow of liquidity, aka greenbacks. Hence, the US CPI, as well as the US Nonfarm Payrolls (NFP), are a few macroeconomic events that have a high influence on Bitcoin price. Depending on the headline inflation number, the interest rates in the US are going to be changed by the Federal Reserve, which further affects the flow of US dollars and Bitcoin price as a result.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, slipped 1.9 percent to reach $1,547. With this decrease in price, the market capitalization of ETH has reached $186.1 billion. ETH has been 5.6 percent down in the past seven days.
Likewise, Binance Coin (BNB) price decreased by 1.9 percent to reach $204. The market capitalization of BNB has reached $31.4 billion with this decrease. BNB has lost 3.9 percent of its value during the last seven days.
On the other hand, the price of Ripple (XRP) dipped 1.9 percent to reach $0.478. The market capitalization of XRP stands at $25.6 billion with this decrease. XRP has shed 8.6 percent of its value during the last seven days.
Following suit, Solana (SOL) price decreased by 4.2 percent to reach $21.33. With this decrease in price, its market capitalization has reached $8.9 billion. SOL has shed 7.8 percent of its value during the last seven days.
Other popular altcoins including Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC) registered losses across the board.
