ETH plummets to lowest price since 2021 and BTC dropped below $30K after the US announced the latest record-setting CPI data so let’s have a closer look at today’s latest Ethereum news.
ETH plummets to its lowest prices while BTC dumped below $30,000 and other altcoins are in a worse shape. The past week seemed more positive for the main cryptocurrency as it challenged $32,000 multiple times and on one occasion, BTC broke above this level and marked a multi-week high of $32,400. The bears stepped up and they brought BTC below $30,000 where it spent the past two days. The US CPI numbers came out and didn’t allow for more increases but they brought BTC down to $30,000 where the asset spent the past two days. The CPI numbers indicated a new 40-year record in terms of inflation and an 8.6% YOY increase. The news led to enhanced volatility in the crypto markets as BTC Slipped by $1000 in a few hours.
Dropping below $29,000 means a new low level since the end of May and as of now, BTC stands over this line with the market cap being down to $560 billion with the dominance over the altcoins being up by 46.7%. despite the turbulent market, VanEck’s CEO predicated a future price tag of $250,000 but he thinks this can take years to happen. Max Keiser expanded his views on Senator Lummis’ crypto bill and why it will not work as BTC is the only real commodity. Jack Dorsey said he is working on a new Web5 platform to be built on the BTC blockchain.
In the other crypto news, LEO is the only token in the green now with other altcoins that didn’t enjoy a ride up in the past day. Ethereum is among the biggest losers with a 7% decline and as a result, ETH dumped below $1700 with the lowest price positioned since March 2021 and around $1650. Solana, MATIC, and Avalanche all lost similar percentages while DOGE, Tron, DOT, XRP, and Cardano are in the red as well. With the lower and mid-cap altcoin retracting, it’s no wonder the market is down by $60 billion in one day.
Also, we saw over the week that the attacker behind the 20 million OP Tokens returned the remaining 17 million after sending two million to Ethereum’s Founder Vitalik Buterin.