Crypto Movement at a Glance: Filecoin, Astar among top gainers

economictimes.indiatimes.com:

crypto market started the week with a correction after the US-based crypto exchange, Kraken, paused its staking service and paid a fine of US$30 million to the SEC last week for failing to register the service. Bitcoin started by trading at US$22,000 level and dropped to US$21,000 before the release of the US CPI data. After the release, most cryptocurrencies rallied. Bitcoin hit its highest peak since August on Thursday. BTC traded at the US$25,250 level. However, BTC could not sustain the gains and fell back to the US$23,000 level after the PPI data release, which was higher than expected, raising concerns among investors and traders over the inflation. Whenever there is a fear of inflation, BTC falls as it does not like it. Investors run short of funds to spend when interest rates go up. Hence BTC falls. Despite the decline, BTC is up by more than 72% from its cycle’s lowest point in January.

Did you Know?

SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.

Compared to the BTC’s all-time high, it is nearly 65% down. However, on Saturday BTC bounced back to the US$24,600 level. If the initiative continues, we might see it touch US$25,000 again the coming week. The second largest cryptocurrency, Ethereum, has also traded in line with BTC this week. Ethereum touched above the US$1,700 level on Thursday and fell to US$1,600 post the PPI’s data release. On Saturday, ETH again is trying to attempt to break above the US$1700 level trading very close to it. Ethereum has