Bitcoin Retains $19,000 Level, Awaiting US CPI Data

Bitcoin, the largest cryptocurrency by market capitalization, has little movement in price. The reason for this is for traders to wait for inflation data to arrive in the US on Thursday. In the US, the Consumer Price Index (CPI) will be released by the Bureau of Labor Statistics.

Over the past day, the price of bitcoin on international exchanges such as CoinMarketCap, Coinbase and Binance rose by about 0.09 percent to around $19,061. On Indian exchanges like CoinDCX, it was down 0.18 percent at around $20,109. The price of the second largest cryptocurrency, Ether, has seen a slight change in the past few trading sessions. In the last one day, its price fell by about 0.32 per cent to around $1,280 on the international exchanges and 0.58 per cent to about $1,360 on the Indian exchanges.

Ethereum’s developers have re-coded its mining protocol from a proof-of-work (PoW) system to proof-of-stake (PoS). This is likely to greatly reduce the energy consumption of Ethereum. The network underwent several tests before being released for use. These tests helped developers understand the performance of the network after the upgrade. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and for this reason the upgrade was cautious.

Gadgets 360’s cryptocurrency price tracker shows that almost all altcoins have seen some reduction in price. The global market capitalization of crypto has also declined by 0.7 percent. Avalanche, Cardano, Avalanche, Cosmos, Solana, Polygon, TRON, Chainlink, Monero and BNB declined marginally. Mimecoins Dogecoin and Shiba Inu are also broken. In November last year, bitcoin made a high of over $67,000. Since then it has declined significantly. Due to the fall in its price, investors as well as the firms associated with this segment have suffered a big loss. Regulators in many countries have also warned investors about cryptocurrencies. In many countries, work is being done to make stricter regulations regarding cryptocurrencies. The increasing number of fraud cases in this segment is also keeping distance from these cryptocurrencies.

Cryptocurrency prices in Indian exchanges

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