Inflation Anxiety, XRP Fake News Keep Crypto Market Muted
Overall crypto market sentiment remains muted as world markets wait for the monthly update to consumer price inflation from the U.S. Amidst the anxiety, false Spot ETF news related to the XRP cryptocurrency caused wild price swings and massive liquidations, further dampening crypto market sentiment.
Inflation anxiety clouded market sentiment as the CPI readings form a key input for the Federal Reserve’s monetary policy, which in turn holds great sway over interest rates in the U.S. and elsewhere. Markets expect the headline inflation to decline and the core component that excludes the volatile food and energy prices, to remain steady. However, any negative surprises on the inflation front could further influence overall crypto market sentiment. Chair Jerome Powell’s recent comments that the Fed was not confident it had done enough to bring inflation down also weighed on market sentiment.
Prices of 5th ranked XRP (XRP) jumped to a high of $0.7406 amidst reports of BlackRock filing for an XRP Spot ETF Trust. Prices of the cryptocurrency however tumbled soon as the reports turned out to be fake. The false Spot ETF news caused massive liquidations and wild price swings.
Overall crypto market capitalization declined 1.52 percent in the past 24 hours to $1.39 trillion.
Bitcoin slipped more than 1 percent to trade at $36,468.18.
Ethereum declined 0.70 percent and is currently changing hands at $2,037.37.
4th ranked BNB (BNB) slipped 0.33 percent in the past 24 hours and is currently trading at $244.56.
5th ranked XRP (XRP) is trading at $0.6554, with overnight gains of 0.60 percent.
7th ranked Solana (SOL) has plunged 6.5 percent in the past 24 hours and is currently trading at $53.58.
8th ranked Cardano’s (ADA) overnight losses are close to 2 percent.
9th ranked Dogecoin (DOGE) erased 4.7 percent in the past 24 hours.
10th ranked TRON (TRX) has also slipped more than 4 percent overnight.
Polygon (MATIC) jumped to the 11th rank overall with an emphatic 8.1-percent rally.
62nd ranked BitgetToken (BGB) and 99th ranked Gnosis (GNO) topped overnight performance with gains exceeding 11 percent.
23rd ranked Cosmos (ATOM), 29th ranked Filecoin (FIL) and 82nd ranked Gas (GAS) are the biggest laggards with overnight decline exceeding 9 percent.
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