Cryptos Today: After Soaring 13%, Bitcoin Stalls Above $22K Awaiting CPI; Ethereum clone gets release date

Bitcoin (BTC) interrupted a rally that began last Friday (9) and, after dawn traded at $22,408, up slightly by 1%, it falls again in the wake of the announcement of US consumer inflation data. (CPI), which came higher than expected. At 9:52 am, shortly after the CPI was released, the digital currency was down 4.25% to $21,550.

The core CPI, which excludes food and energy (whose prices are more volatile), rose 0.6% month-on-month and 6.3% year-on-year, also better than expected. The Refinitiv forecast for the core was up 0.3% month on month from 6.1% year on year.

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The news shakes hopes that an inflation easing could help slow the US yield curve, which could, in turn, boost risky assets. Since Friday (9), crypto traders have sought to anticipate the most positive scenario and Bitcoin has already accumulated a high of 13%.

Ethereum (ETH), which has been weakening in recent days, moves similarly and loses almost 6% compared to the last 24 hours, going to $1,632.

The cryptocurrency lives the expectation around the Merge update (fusion, in Portuguese), which should happen from Wednesday (14) to Thursday (15). However, neither the event itself nor the confirmation of the launch of a clone of the cryptocurrency excites ETH traders – according to the initiative’s sponsors, the new Ethereum PoW network will be live 24 hours after the Merge.

Edward Moya, a market analyst at Oanda, attributes the lower strength of Ethereum in the week precisely to the update: for him, traders are already getting rid of positions taken weeks ago, in signaling a possible event of “selling the fact”.

“It appears that part of the profit taking from Ethereum is benefiting Bitcoin and betting on other native blockchain cryptocurrencies such as Cardano, Solana and Polkadot,” says the expert.

However, pointing to optimism, Moya adds that “many are still skeptical of a cryptocurrency rally in September, but if prices don’t turn down now traders could trigger a more decent up move.”

In a participation yesterday in Crypto+, trader Vinícius Terranova pointed out that an eventual sharper drop in altcoins, including ETH itself, could be a good entry opportunity. “It’s the opportunity you have to position yourself in Ethereum, BNB and other altcoins, because Bitcoin’s dominance is now sky-high.”

Watch: Everything you need to know about Ethereum Merge

Meanwhile, experts continue to watch data for clues about a possible crypto market bottom. Despite Bitcoin’s recent rally, a report by South Korean crypto research house CryptoQuant states that, according to a range of metrics, Bitcoin is likely to bottom only after a further drop to the region between $14,500 and $10,000. .

“Historically, the market confirmed the bottoming out when the price touched the ‘delta price’, as in the 2015 and 2018 bear markets,” writes CryptoQuant. The “delta price,” according to the house, would be just below $14,500.

Also according to CryptoQuant analysts, another model that takes into account the price at which Bitcoin whales (those holding between 1,000-10,000 BTC) sent cryptocurrencies to exchanges reveals that the fund would be at $10,335.

A third model, which this time involves the price at which miners send BTC to settle on exchanges, points to a low of $14,214 (very close to the “delta price”). This metric, says CryptoQuant, signaled the 2015 and March 2020 market bottoms.

Check out the performance of the main cryptocurrencies at 7 am:

cryptocurrencyPriceChange in the last 24 hours
Bitcoin (BTC)US$ 22,408.52+1%
Ethereum (ETH)US$ 1,723.64-1.5%
Binance Coin (BNB)US$ 292.86-1.93%
XRP (XRP)US$ 0.353908-0.3%
Cardano (ADA)US$ 0.501826-2.6%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Ravencoin (RVN)US$ 0.061242+14.4%
Trust Wallet (TWT)$1.09+7.4%
Hedera (HBAR)US$ 0.068437+5.9%
eCash (XEC)US$ 0.00004822+4.3%
ApeCoin (APE)$5.71+3.4%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Earth (MOON)$4.54-7.9%
Arweave (AR)$10.80-6.3%
Amp (AMP)US$ 0.00597015-6.2%
THORChain (RUNE)$1.93-6.1%
Kusama (KSM)$50.85-5.5%

Check out how cryptocurrency ETFs closed in the last trading session:

Hashdex NCI (HASH11)BRL 20.65+4.82%
Hashdex BTCN (BITH11)BRL 27.49+4.92%
Hashdex Ethereum (ETHE11)BRL 26.21-0.34%
Hashdex DeFi (DEFI11)BRL 22.66-2.36%
Hashdex Smart Contract Platform FI (WEB311)BRL 20.60+2.33%
QR Bitcoin (QBTC11)BRL 7.23+6.23%
QR Ether (QETH11)BRL 6.410%
QR DeFi (QDFI11)BRL 4.05-1.93%
Crypto20 EMPCI (CRPT11)BRL 5.93+3.49%
Invest NFTSCI (NFTS11)BRL 28.23-1.12%

See the main crypto market news for this Tuesday (13):

Miners confirm Ethereum fork

Miners dissatisfied with the migration of Ethereum to a greener system confirmed the creation of a new network, called Ethereum PoW (in reference to the mining system called Proof-of-Work). Via Twitter, the organizers announced that the network fork will take place 24 hours after the Merge.

The exact time of blockchain creation will be “announced 1 hour before launch with a countdown timer,” the statement said. By the current schedule, the Ethereum clone should appear on Thursday night (15).

The forked network will look like Ethereum, but legacy applications and tokens should have no value. According to experts, blockchain tends to be a ghost ecosystem – and the ETHW token, therefore, should be short-lived.

Argentina makes first operations against crypto miners

The Argentine tax authority (AFIP) announced on Friday (9) that it has carried out, for the first time, incursions in search of illegal cryptocurrency miners.

The first operation was made last Tuesday (6) in the province of San Juan, where AFIP found an agricultural producer who housed cryptocurrency mining equipment in a fruit cooling area. AFIP did not disclose the amount of equipment discovered, nor the amount of cryptocurrencies held by the miner.

Also last week, AFIP raided a cryptocurrency mining company operating in Buenos Aires, where it was working on a property registered for other business purposes. Inside the site, the agency found 142 pieces of equipment and 1,355 video cards.

El Salvador launches debt buyback program

The government of El Salvador announced on Monday (12) that it has made an offer to buy back part of its sovereign debt securities maturing in 2023 and 2025.

The country has established a purchase price of US$910 for bonds maturing in 2023 and US$540 for bonds maturing in 2025. Each bond is equivalent to a total of US$800 million.

In July, when El Salvador’s President Nayib Bukele presented the buyback plan, it was seen as an attempt to combat speculation about a possible default by the Central American country, given the strained relations with the traditional credit market, particularly after El Salvador established Bitcoin (BTC) as a legal tender in September 2021.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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