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Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, Dogecoin, Tether


Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, Dogecoin, Tether

Aug 09, 2022, 11:13 am
3 min read

Cryptocurrency prices today: Check rates of Bitcoin, Ethereum, Dogecoin, Tether
Bitcoin is up by 2.5% from last week

Bitcoin has risen by 2.3% over the last 24 hours to trade at $23,924.61. It is up 2.5% from last week.

The second most popular token, Ethereum, has risen by 3.4% from yesterday to trade at $1,777.40. It is up 8.6% from the previous week.

The market capitalization of Bitcoin and Ethereum stands at $457.37 billion and $213.69 billion, respectively.

BNB is currently trading at $326.48, which is 0.2% more compared to yesterday and 14.9% higher from the previous week.

XRP’s price is $0.33 today, increasing by 0.7% in the last 24 hours. Compared to last week, it is down by 0.3%.

Finally, the Cardano and Dogecoin are trading at $0.55 (up 0.5%) and $0.077 (up 1.6%), respectively.

Solana is up by 2.4% since last week

Solana, Polka Dot, Shiba Inu, and Polygon are currently trading at $42.71 (up 0.9%), $9.26 (up 4.9%), $0.000011 (down 1.3%), and $0.99 (up 0.4%), respectively.

Based on the weekly chart, Solana has risen by 2.4% while Polka Dot has gained 13.2%.

In the last seven days, Shiba Inu has gained 2% of its value whereas Polygon is 3.4% up.

Based on the 24-hour movement, the top gainers are Celsius, Zcash, The Graph, STEPN, and NEAR Protocol. They are trading at $2.03 (up 35.7%), $79.81 (up 12.5%), $0.11 (up 10.56%), $1.04 (up 10.29%), and $5.5 (up 6.37%), respectively.

Where do the well-known stablecoins stand now?

A stablecoin is a cryptocurrency that has very little volatility. Its value is linked to a real-world asset such as fiat currency or gold.

Talking about some of the prominent tokens, Tether, USD Coin, and Binance USD are trading at $1 (down 0.1%), $1 (down 0.1%), and $1 (down 0.1%), respectively.

Terra Classic is listed at $0.000099 (down 0.13%).

Here are top 5 losers of the day

The biggest losers of the day are Lido DAO, Filecoin, Theta Network, Loopring, and UNUS SED LEO. They are trading at $2.35 (down 5.5%), $8.78 (down 4.2%), $1.64 (down 2.91%), $0.44 (down 2.33%), and $4.8 (down 1.96%), respectively.

These are the top 3 cryptocurrency spot exchanges

In terms of traffic, liquidity, trading volumes, and trust in the legitimacy of trading volumes, Binance, FTX, and Coinbase Exchange are the top three cryptocurrency spot exchanges.

Binance and FTX saw 24-hour volumes of $14.04 billion (up 83.3%) and $1.73 billion (up 141.48%), respectively.

Coinbase Exchange recorded a volume of $1.91 billion which is up 90.72% from yesterday.

Take a look at today’s leading DeFi tokens

DeFi, which is short for decentralized finance, is related to global, peer-to-peer financial services on public blockchains.

Avalanche, Dai, Uniswap, Wrapped Bitcoin, and Chainlink are among the most popular DeFi tokens. They are trading at $28.44 (up 1.23%), $0.99 (down 0.03%), $8.82 (down 0.01%), $23,858.24 (up 0.06%), and $8.73 (up 0.43%), respectively.

These are the top 5 NFT tokens for today

Non-fungible tokens (NFTs) are cryptocurrencies that lack the fungibility property, which means they cannot be exchanged for other tokens.

Among the popular NFT tokens are Flow, ApeCoin, Decentraland, The Sandbox, and Tezos. They are currently trading at $3.06 (up 0.31%), $7.44 (up 0.58%), $1.10 (up 0.51%), $1.38 (up 0.59%), and $1.91 (up 0.51%), respectively.

Total cryptocurrency market capitalization

The current global crypto market cap stands at $1.1 trillion and the total crypto market volume over the last 24 hours is $41.71 billion. Both have remained flat over the last day.

The global crypto market cap was valued at $956.07 billion last month, while three months ago, the total capitalization stood at $1.57 trillion.




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Surging inflation is driving people to cryptocurrencies

Binance, the world’s largest cryptocurrency exchange, has claimed that more and more people are turning to crypto investing due to rising inflation. 

Maximiliano Hinz, who heads up the company’s Latin American operations, told Reuters that people were seeking out currencies like Bitcoin as a way to protect themselves from inflation and the rising cost of living.

As an example, Hinz pointed to crypto investments in Argentina, which he said was now one of the top markets for Binance, alongside Brazil and Mexico. Annual inflation in Argentina is at 90% and Hinz claimed that many of its citizens have poured savings into Bitcoin, despite a high-profile crash in its value. El Salvador made headlines earlier in the year for adopting bitcoin as legal tender, although cryptocurrencies have lost around 50% of their value since then. 

Hinz didn’t offer any statistics for the number of people investing in cryptocurrencies, nor where most were coming from. Inflation, however, is surging across the globe. In the UK, inflation is set to hit its highest level since 1982, according to the Office for National Statistics (ONS). The consumer price index rose to 9.1% in June, the highest level in the G7 group. There is also a suggestion that this is only going to get worse for Brits as households are expected to come under even more pressure with rising gas prices.

The comments from Hinz have come at the same time as the UN trade and development body The United Nations Conference on Trade and Development (UNCTAD) has called for action to curb cryptocurrency in developing nations. The body warned that they’re unstable assets that can bring social risks, and that the benefits are overshadowed by the threats they pose to domestic resource mobilisation and the security of monetary systems. Another area of concern for UNCTAD is that cryptocurrencies may enable tax evasion and avoidance through tax haven-style loopholes. 

“In this way, cryptocurrencies may also curb the effectiveness of capital controls, a key instrument for developing countries to preserve their policy space and macroeconomic stability,” a UNCTAD spokesperson added. 

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Flouci se mue en banque mobile pour faciliter les transactions financières grâce à la blockchain

Flouci se mue en banque mobile pour faciliter les transactions financières grâce à la blockchain

11-08-2022 09:29:00 | by: Marlene Mutimawase | hits: 282 | Tags:

Les fintech sont les start-up qui attirent le plus de capitaux en Afrique. Ceci est entre autres dû au faible taux de bancarisation sur le continent. Les entrepreneurs de diverses régions développent des solutions pour aider les populations à accéder aux services financiers.

Flouci est une solution fintech développée par la start-up tunisienne Kaoun. Elle permet, depuis un smartphone, d’effectuer des transactions financières en quelques clics. La start-up fondée en 2018 par Anis Kallel, Nebras Jemel et Rostom Bouazizi a lancé sa solution en 2020.

« La stratégie nationale de décashing commence d’abord par fournir de meilleurs outils de paiement, adaptés aux besoins des populations cibles actuellement exclues de ces services et contraintes de travailler dans le secteur informel et de n’utiliser que des espèces […] Nous nous sommes rendu compte que faciliter l’accès aux services financiers avec une offre bancaire 100 % gratuite ouverte à distance et en moins d’une heure peut y contribuer, en plus des fonctionnalités de transfert et de paiement intégrées à Flouci », a indiqué Anis Kallel.

L’application, disponible sur Android, iOS et sur Huawei, permet de créer des comptes bancaires gratuits sans présence physique depuis un smartphone. Il faudra néanmoins suivre quelques étapes avant la création effective des comptes.

La première étape consiste, après téléchargement de l’application, à prendre la photo des pièces d’identité nécessaires, puis il faudra effectuer le challenge biométrique de la preuve de vie. Il faudra aussi remplir un formulaire, ensuite le compte sera activé à distance.

L’utilisateur peut commencer à effectuer des transactions financières, 24 heures sur 24 et 7 jours sur 7, conformément aux réglementations tunisiennes. Il dispose d’un portefeuille électronique mobile depuis lequel il peut effectuer toutes sortes d’opérations financières. Celles-ci sont sécurisées grâce à la blockchain, la technologie adoptée par la jeune pousse pour garantir un niveau de sécurité décent.

Kaoun ne perçoit pas de frais de tenue de compte, de carte bancaire, pour les paiements marchands ou pour la recharge de solde. C’est uniquement lors des transferts d’argent que la jeune pousse perçoit une commission. Elle dispose d’ailleurs d’une grille tarifaire qui permet à l’utilisateur de connaître exactement le montant qui lui sera retiré.

Anis Kallel explique que sa start-up veut « permettre à chaque institution financière d’utiliser leur technologie, et réduire le coût et le temps d’accès aux services financiers essentiels. La technologie le permet, et la réglementation le rendra possible à grande échelle ».

En 2020, Kaoun a été sélectionné pour participer à la cinquième édition du programme d’accélération Launchpad, également connu sous le nom de Google for Startups Accelerator. L’objectif est de « connecter des start-up du monde entier avec le personnel, les réseaux, les méthodologies et les technologies de Google ».

flouci.stoplight.io

 

 


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Why is bitcoin falling recently?

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Top Cryptocurrency prices today, August 11

Cryptocurrency Market Updates: A softer-than-expected inflation report today (August 11)  caused a spike in cryptocurrency prices, with Ethereum leading the pack. The price of Bitcoin, the biggest and most well-known cryptocurrency, was up more than 7 percent  at USD 24,348. According to CoinGecko, the global cryptocurrency market valuation today exceeded USD 1 trillion after increasing by almost 7 percent  over the previous day to reach USD 1.21 trillion.

However, the second-largest cryptocurrency, Ether, which is connected to the Ethereum network, increased by about 13 percent  to USD 1,882. In the meantime, the price of Dogecoin was trading more than 7 percent  higher today at USD 0.07, while the price of Shiba Inu increased by nearly 4 percent  to USD 0.000012.

The much-awaited software upgrade of the Ethereum blockchain network, which will change its verification process from Proof of Work to Proof of Stake and has been delayed for years, is reportedly close after passing what is being hailed as the final test. Validators utilise their Ether stacks to organise transactions on the network via proof-of-stake. Powerful computers today solve challenging puzzles to perform the same task while consuming more energy.

As XRP, Solana, BNB, Litecoin, Chainlink, Tether, Polkadot, Tron, Avalanche, Stellar, Apecoin, Uniswap, and Polygon prices were trading with gains over the last 24 hours, other cryptocurrency values today also performed better.

UN trade body calls for curbing cryptocurrencies in developing countries

RBA Australia proposes centralised digital currency

Crypto: Binance says it doesn’t own India’s WazirX after ED raids

 


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Despite the bear market, enterprise blockchain has nothing to fear

With the loss of confidence from a number of established crypto lending and funding platforms rendered insolvent by ailing financial markets and large overleveraged positions, fears of a widespread contagion affecting associated protocols and businesses have been increasing.

Amidst significant job layoffs and struggling financial markets, the general sentiment and outlook toward crypto remain gloomy, but the underlying blockchain technology remains unaffected — as its main potential has never been purely for speculative wealth generation but to drive utility and innovation for solving real-world problems and issues.

There is the ongoing narrative that NFTs (non-fungible tokens) and cryptocurrency will become untethered from traditional finance and serve as a hedge against issues like inflation, but only time will tell if that is wishful thinking or more than a dream.

One thing is for sure — practical applications of blockchain exist well beyond these hopes, and bear markets are the perfect time to push aside distractions to focus on grounded utility and use cases.

This is the moment for users, builders and regulatory bodies around the world to strengthen the meaningful impact of technological innovations, for they will serve as a solid foundation and become more pronounced as the fog of euphoria associated with fast riches dies down.

Wisdom in wariness 

Within the Asia-Pacific region, we’re witnessing countries like China, which took a strict approach to speculative assets against the hype surrounding NFTs, especially when markets were booming. This conservative approach is starting to appear wise as the value of seemingly harmless digital pictures and encapsulations of meme culture decline with the health of the financial markets.

While China is not bullish on cryptocurrency, it is on blockchain technology, introducing its own central bank digital currency, the e-CNY, and developing a state-backed Blockchain-based Service Network (BSN). Most recent developments have seen the announcement of the Spartan network, which aims to be the new international network for non-cryptocurrency public chains.

It may come as a surprise to some, but blockchain has long been used as proof in legal court cases in China since 2017 and is steadily continuing to pick up traction, especially with blockchain being a strong focus in the Chinese government’s five-year plan from 2021 to 2025.

There is a rationale behind the seemingly contradictory approaches that governments and regulatory bodies are taking toward embracing blockchain but not speculative wealth generation, as they recognize a key fundamental benefit of the technology.

Security, transparency and immutability in law

So where are we seeing real use cases of blockchain technology being integrated into our existing society beyond the hype? One of the most promising use cases for enterprise blockchain is not just in unique JPEGs but to prove ownership and chain of custody in the legal space.

More countries will stand to gain by taking a page out of China’s book in embracing blockchain technology to help courts of law, as doing so would improve accessibility, affordability and security in legal proceedings. Printing documents is often considered far more secure than transferring legal assets and materials online, but tokenization changes this. As the technology allows any asset, including digital claims, certificates or proof of ownership to become accessible on the blockchain, this offers rights in a more convenient but secure and validatable way without intermediaries.

Attorneys, notaries and parties looking to make legal claims can all benefit, as providing evidence, establishing proof of ownership or timeframe for copyright, intellectual property claims and more become a much easier and transparent process.

Legal fees can also be prohibitively expensive for parties looking to defend their innocence or ownership of assets, so reducing the need for intermediaries and lengthy processes make the litigation process more accessible. 

With increasing financial woes and weakening markets, technology that makes essential processes such as litigation more affordable will prove increasingly valuable.

It would not be far-fetched to see a future where notarization or proof-by-blockchain becomes commonplace, but the technology providers and builders need to work closely with governments and regulatory bodies to develop reliable and secure infrastructure to ensure the legitimacy of evidence is not compromised.

Benefits of fractional real estate ownership 

Places like Hong Kong are notorious as being one of the most expensive for housing, and rising inflation further exacerbate issues related to costs of living. Due to these factors, real estate is often categorized as an investment option only for the wealthy as it typically has high capital requirements and can take a long time to liquidate.

The traditional registration, documentation and intermediary requirements make owning property an even more expensive and lengthy process. Tokenization can drastically speed all this up as it allows proof of property ownership to become accessible and tradeable on the blockchain. 

Timestamps for transfers of ownership also provide immutable records, removing the need for realtors and intermediaries, making the process more affordable.

For less the affluent and places where housing prices are increasingly beyond reach, aspiring homeowners can also choose to buy into a portion of a property represented by the digital tokens and increase their holdings over time with fractional ownership instead of having to purchase the entire property at one go.

Aside from this, revenue from cash-positive real estate can also be tokenized, allowing owners to have a share of the profits from rental or growth in property value.

Need to reduce red tape

While there is tremendous potential for blockchain to make real estate much more accessible, affordable and liquid, many obstacles need to be overcome before it can scale to an industry-grade level. 

Presently, countries, regions and jurisdictions either regard tokens as insufficient legal basis for ownership or are overly strict in regulating them as securities. These extremes either raise security concerns or limit the application of blockchain and tokenization in real estate by making it inaccessible due to red tape or too expensive to be feasible due to taxation.

While creative compliance solutions such as Non Fungible Assets (NFAs) are being developed, more education to resolve the lack of fundamental understanding for blockchain needs to be done — initiatives by governments and authorities to support the applications of blockchain in real estate will also further bolster such efforts.

Conservative and strategic nations like Singapore are already attempting to experiment with blockchain to address issues with illiquid assets and fractionalization through Project Guardian, and it would not be surprising to see others in the APAC region follow in these footsteps.

While many in the crypto community may oppose the notion, some form of centralization and regulation will help minimize the potential abuse of blockchain technology and improve its scalability, effectiveness and adoption, allowing meaningful use cases to grow reliably and steadily over time.

Many other applications of blockchain can also help address real-world issues and problems, but real estate and law are two key sectors that would benefit from accessibility and affordability amid the mounting global financial woes.

For its full potential and benefits to be achieved, however, blockchain providers and regulatory bodies need to stop seeing themselves as opponents, but as partners and educators to correct misperception and improve understanding of the underlying technology.


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Bitcoin could hit $35,000 by year’s end as inflation cools, analyst predicts

The Street may be noticing an inverse correlation: The cooler inflation goes, the hotter Bitcoin’s price. But how solid that relationship is—and how long it might last—is the question.

Inflation data, per the consumer price index (CPI), came in cooler on Wednesday, registering a 8.5% headline price increase year over year in July—showing prices were unchanged from the prior month, and below expectations. Stalwart cryptocurrency Bitcoin, whose relationship with inflation has long been a topic of debate (though it seems clear it hasn’t been an inflation hedge), popped on the news, climbing nearly 3% by late Wednesday afternoon (it was up over 4% earlier in the day). And according to some experts, the price could go much higher if the current inflation trend persists.

“I think for the rest of the summer, yes, inflation data [and] Fed-speak will dictate where Bitcoin goes,” Edward Moya, senior market analyst at Oanda, tells Fortune. “Bitcoin is still heavily correlated with equities right now, especially the Nasdaq,” he notes. “And this inflation report has given a lot of hope to the idea that the Fed won’t need to be as aggressive with tightening policy going forward.”

The Federal Reserve’s rate hikes have been a big point of angst for equities and crypto investors alike, and all eyes are on the Fed’s September meeting. “Remember, crypto is the longest of long duration assets, and long duration assets want low interest rates,” Leigh Drogen, general partner and CIO at Texas-based digital assets quantitative hedge fund Starkiller Capital, tells Fortune.

Oanda’s Moya expects a “choppy” summer for Bitcoin trading, but “if there is momentum that comes back into the space, you know, we could be surprised here with how much higher Bitcoin can go.”

Exactly how much higher? If things keep moving in this direction with inflation, the “peak bullish move could be $35,500” for Bitcoin, Moya predicts, which could come by “year-end.” Coincidentally, the CEO of exchange giant FTX Sam Bankman-Fried likewise picked $35,000 as an optimistic price for Bitcoin by year-end.

But in order for that to happen, cooling inflation is “a big part of it,” Moya argues. “You need to hear more Fed-speak that they’re pleased with how inflation is showing signs of easing,” and that the data continues to show prices declining, while the economy posts more “modest job growth” and general signs of health—“enough to support the consumer and support risk appetite in general,” he believes. Moya also suggests that, on the institutional side, more news of “companies like BlackRock embracing companies like Coinbase…is really going to be the driver here.”

According to Drogen, the crypto coins that have outperformed in the markets lately “all have something to do basically with [Ethereum, or ETH] or the ETH merge. That’s what had been going on up until, basically, now,” he tells Fortune. Moving forward, he believes “if Bitcoin can break out of this range that it’s been in, it’s very likely going to head up towards $28,000,” and from there, likely $32,000—so long as the dollar “continue[s] to fall” and the Nasdaq continues “to be upward-trending.”

Bitcoin’s ‘ping-pong’?

While there are signs Bitcoin’s price could rise by the end of the year, the crypto winter is ongoing, and the industry is still reeling from the implosion of several big companies and protocols. And darker developments in the macroeconomy could hamper Bitcoin’s recovery. Oanda’s Moya expects energy prices to rise later this year, driven by things like China reopening from lockdowns and the halting of strategic petroleum reserve (SPR) releases, which could create “potentially a severe spike higher in the oil, energy prices” and complicate the inflation trade, Moya predicts. Shorter term, he suggests Bitcoin might “ping-pong” around $20,000 to $28,000 (he expects “major” resistance at $28,500).

Meanwhile Drogen argues that the ETH merge, where Ethereum will shift its consensus mechanism to proof of stake from proof of work, has been drawing a lot of interest over to Ethereum and Ethereum-tied assets and away from Bitcoin. “One way that [Bitcoin] really could suffer is if the merge happens, and there’s a significant flow of capital out of Bitcoin and into ETH, and there’s a huge narrative around how Bitcoin takes up a lot of energy and ETH is clean—that could definitely hit it,” says Drogen. Although he notes since most cryptocurrencies are highly correlated, it’s “unlikely that you’re going to see Bitcoin significantly go down when everything else is surging.”

Ultimately, the pair see Bitcoin ending the year higher. And in the meantime, crypto investors will likely keep those CPI prints in the corner of their eye.

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Cryptocurrency Mining Vs. Staking: What’s The Difference?

Cryptocurrency mining gets a lot of bad press over its energy consumption despite moves toward green crypto mining, but its energy-efficient cousin “staking” gets little to no attention even though it is a better and more accessible design for a blockchain. The differences between these two algorithms are massive, but most people don’t understand why crypto mining is needed in the first place, or how staking corrects its issues. With Ethereum’s upcoming upgrade to Proof of Stake imminent, it helps to understand why this is important.

SCREENRANT VIDEO OF THE DAY

Blockchains are primarily designed for decentralization, and are run by hundreds of computers around the world that work together to process transactions and store users’ account data and history. To accomplish this, computers in the network need to work together to process valid transactions while protecting against fraudulent transactions. The main problem with digital currency that was solved by cryptocurrency is preventing users from spending their money twice (“double-spending“) without relying on a centralized organization (like a bank) to control the data and validate transactions. The mysterious creator of Bitcoin, Satoshi Nakamoto, presented the first solution to this problem in the Bitcoin Whitepaper.


Related: What Is Digital Currency, And How Does It Work?

Bitcoin uses an algorithm called “Proof of Work” (PoW) to validate transactions and protect the network from malicious users, which CoinDesk covers in greater detail. This approach is commonly called “mining,” and crypto miners typically use GPUs or specialized ASIC miners for it. PoW involves using computing power to guess solutions to a difficult cryptography problem during the creation of each block of data, and for anyone to submit bad blocks they would have to control more than half of the energy being used for mining across the whole network. Even then, they would only gain limited abilities, such as double-spending and reversing transactions, but they can’t alter the blockchain’s history prior to the attack, and due to the energy cost of PoW this attack would present an incredible economic expense on their part. PoW ensures that malicious actions are economically unfeasible to attempt, and that is why Bitcoin uses it.


What About Proof Of Stake?

There is a second-generation solution to PoW’s energy-intensive nightmare, and that is “Proof of Stake” (PoS). In PoS, a security deposit is combined with economic incentives to make malicious activity expensive and absurd to attempt, rather than using computational power and cryptographic puzzles to deter attackers. There are several variations of PoS, but it basically requires each “validator” to put up an amount of cryptocurrency as collateral (their “stake“) in order to validate transactions and earn block rewards, and the more they put up the more rewards they earn. If they choose to validate a block incorrectly/maliciously then they are punished by losing some or all of their stake, but if they do their job correctly then they receive the block reward instead.


Proof of Stake, though technically experimental, is accepted as being a superior solution for blockchain consensus, as it relies on economic incentives to secure the network rather than computational energy (or “work“), and many modern PoS blockchains allow anyone to stake their crypto and earn rewards, no matter how small their stake. Instead of investing millions in real estate, a warehouse, mining rigs, and gigawatts of electricity like in PoW, a PoS validator only needs to buy some cryptocurrency, withdraw it to their wallet, and stake it to begin validating transactions and earning rewards. CoinCodex has a good list of PoS blockchains, such as Cardano (ADA), Solana (SOL), Polkadot (DOT), and Avalanche (AVAX). Ethereum is also currently transitioning to PoS from PoW, which will fix the environmental harm of its NFTs and set the foundation for further development.


PoW was the first design for creating a decentralized electronic cash system, and while highly effective it is also energy-intense and prone to centralization of crypto mining operations. Its successor, PoS, is a powerful solution to those issues as it replaces electrical energy with economic investment, and opens up the ability to earn passive income from cryptocurrency to everyone, though its long-term drawbacks and potential for centralization are still not fully understood.

Source: CoinDesk, CoinCodex


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Indian IT College Holds First Blockchain-Backed Elections

(MENAFN– Investor Brand Network)

Blockchain technology isn’t going anywhere anytime soon. Even though the crypto market is currently experiencing a crypto winter that has caused most cryptos to lose more than 50% of their value, organizations are still keen on leveraging blockchain. Thanks to its decentralized nature, blockchain reduces points of weakness , improves data reconciliation, and enhances security, speed, and privacy.

Students from an IT college in India recently made history after they held the world’s first blockchain-based elections, showing just how effective blockchain can be in a wide variety of applications. The Center of Innovation IIT-Madras ‘s Webops and Blockchain Club recently developed software that allowed…

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Bitcoin, Ethereum Skyrockets As CPI Data Shows Cooling Economy

U.S. Bureau of Labor Statistics issued the most awaited Consumer Price Index (CPI) data for the month of July. The positive CPI data has left the biggest crypto green. Bitcoin (BTC) and Ethereum (EHT) both have jumped by over 3%.

Bitcoin surges over positive CPI

The price that customers pay for goods and services rose 8.5% in July from a year ago. The latest data forms to be less than the expected rate. This signals a slowdown in the rising prices over the past month which was directly impacted by the gasoline price.

Since the announcement, Bitcoin (BTC) prices have surged by around 3%. BTC breached the crucial $24k price level. Bitcoin is trading at an average price of $24,097, at the press time. However, BTC’s 24 hour trading volume has jumped by 13% to stand at $28.1 billion.

However, the second largest crypto, Ethereum (ETH) jumped by a whopping 6% after the release of positive CPI data. ETH is trading at an average price of $1,822, at the press time. ETH’s 24 hour trading volume surged by more than 25% to stand at $20.7 billion.

Food index records fastest growth since 1079

According to the report, prices were flat on a monthly basis as the energy price broadly dropped to 4.6%. However, The oil price dropped 7.7%. This has balanced an over 1.1% monthly gain in food prices. While a 0.5% increase has been registered in shelter costs.

As per a survey conducted by Dow Jones stated the expected CPI to increase by 8.7% on annual basis. While it is expected to rise by 0.2% monthly. Keeping food and energy prices apart, the core inflation jumped by 5.9% annually. While it grew by around 0.3% monthly in comparison to estimates.

A report mentioned that the food index surge is a surge of 10.9% over 12 months. It is the fastest growth since May 1979.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.




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