Cryptocurrency prices on August 16: Bitcoin trades flat at $58,400; Altcoins mixed
Cryptocurrency prices showed mixed trends today, with Bitcoin, Ethereum, BNB, Solana, and XRP trading slightly higher, while Toncoin, Dogecoin, Avalanche, Shiba Inu, and Polkadot traded marginally lower.
The global cryptocurrency market cap remained largely unchanged, edging up just 0.02% to around $2.07 trillion over the last 24 hours.
As of 4:17 pm IST, Bitcoin (BTC) was trading 0.15% higher at $58,428, after hitting a low of $56,161 earlier in the day. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, gained 0.04%, trading at $2,619.
This market movement came after data revealed U.S. consumer prices rebounded as expected in July, tempering expectations for a substantial rate cut by the Federal Reserve next month.
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View Details»The U.S. consumer price index increased 0.2% last month, after falling 0.1% in June, the Labor Department's Bureau of Labor Statistics said. In the 12 months through July, the CPI increased 2.9%, after advancing 3% in June.
Meanwhile, markets are now pricing in just a 25% chance of a 50-basis-point
