Top Cryptocurrency Prices On August 20 2022: Bitcoin Above $21K: The top cryptocurrency is in a losing streak over the past couple of sessions. At the time of writing this article at 10:47 AM (IST), Ethereum is the most sluggish (down more than 10 percent) and Bitcoin has also dropped by over 7 percent in the past 24 hours, down to less than $21,500. $21,166.The most popular cryptocurrency according to market capitalization has dropped more than 14% during this week.
With the ongoing sell-off in the crypto market, the global cap has dipped by 6.2 percent over the past day to barely surpass $1 trillion. The market however has seen significant growth in volume compared to the last day, to $90.86B and that’s the market a 38.68 percent increase.
The most recent trigger for the bitcoin price decline and for other altcoins’ value decrease
The recent decline in prices for cryptocurrency is due to the most recent inflation data from Germany that have been shockingly high. According to reports, Germany’s annual inflation rate for producers jumped to a record high of 37% in July, compared to expectations of 32 percent. The prices of producers for geographical areas represent the cost of services and goods that are provided by producers.
In the most recent inflation figures, according to CME FedWatch CME FedWatch software, the likelihood that the US Fed raising the interest rate by 75bps (0.75 percent) at the next meeting increased from 41% a day prior to 44.5 percent.
In addition, according to analysts, taking into account the technicals, bulls are actually losing ground. The week started off with the Bitcoin price climbing to $25,000 but the price was not able to maintain momentum, as per Coin DCX Research Desk.