Despite the annual inflation rate of the US Consumer Price Index (CPI) being announced at 3.7%, higher than the expected 3.6%, there has not been a sharp decline in the cryptocurrency market. The leading cryptocurrency Bitcoin (BTC) started trading at around $26,100 with its recent price movements. On the other hand, Ethereum (ETH), which has continued to lose value despite surpassing the $26,000 level during the day, fell below $1,600.
US Inflation Data Released
Despite the US inflation data being announced above expectations, there hasn’t been a sharp decline in the cryptocurrency market. The leading cryptocurrency Bitcoin (BTC) started trading at around $26,100 with its recent price movements.
According to CoinMarketCap (CMC) data, the total market capitalization of the cryptocurrency ecosystem reached $1.04 trillion. Additionally, Coinglass data shows that there were approximately $80 million worth of short and long positions liquidated in the cryptocurrency market in the last 24 hours.
On the other hand, some cryptocurrencies experienced sharp price movements during the day. Astar (ASTR), Stellar (XLM), and Internet Computer (ICP) experienced significant losses, while Compound (COMP), Toncoin (TON), and Maker (MKR) recorded significant gains.
Current Situation of Ethereum (ETH)
Ethereum (ETH) has experienced a loss of more than 10% in the past month and, like most cryptocurrencies, has had a downward momentum in recent weeks. ETH, which has accelerated its losses in recent days, recorded an average loss of around 2% according to CMC data in the past week, falling to around $1,540 at the beginning of the week.
On the other hand, despite testing the $1,600 level multiple times with its recent price increases, ETH has not yet surpassed the $1,600 level. With its recent price movements, ETH started trading at around $1,590. Additionally, trading volumes have also declined during the day. According to CMC data, there was a decrease of nearly 40% in the total trading volume of ETH in the past 24 hours.
