Crypto Price Today Live: Bitcoin reclaims $20,000 mark; altcoins trade mixed

economictimes.indiatimes.com:

Bitcoin was able to reclaim the $20,000 mark, a key psychological level. Much in line with expectations, a high US inflation reading for June would push the Federal Reserve to get more aggressive in tightening monetary conditions to slow the consumer-price increases. Crypto cart was trading mixed with Bitcoin, Ethereum, XRP, Solana and Polkadot rising up to a per cent, while stablecoins also logged marginal gains. Shiba Inu and Dogecoin were among the tokens in the red.

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In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

The global cryptocurrency market cap was trading higher at the $897.86 billion mark, rising more than 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed more 34 per cent to $74.83 billion.Expert takeBitcoin prices dropped after the CPI data, said Charles Tan, CMO, Atato. «In an interesting but much-anticipated development, US inflation soared to 41-year high as suggested by the latest CPI day.» For investors, it means that the Fed continues to take strict measures to control inflation which may result in another rate hike. The high-interest rate may discourage borrowing and sellers may continue to dominate the market, he added.Global updatesCelsius Network, the embattled crypto lender that is facing liquidity troubles, fully paid off its remaining debt to the decentralized finance (DeFi) lending protocol Compound, freeing up nearly $200 million of pledged collateral. Ethereum scaling tool Polygon is continuing to scale its Web3 infrastructure