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CPI inflation data in, new 40-year high, US dollar up, Bitcoin and crypto market down a tad. This episode’s definitely playing on a loop. Are these high-inflation figures becoming largely “priced in” yet?

Maybe. Generally speaking crypto dipped on the news, but at the time of writing it’s not much more than a paper cut.

The US Consumer Price Index (CPI) inflation figures were released at 8.30am EST on Wednesday. And at 9.1% as opposed to the largely expected 8.8%, it’s the largest year-on-year increase since 1981. Fun times.

At least US financial analyst Jim “As Seen on TV” Cramer’s calling the inflation peak pretty much right here. Although that doesn’t inspire much confidence according to some/many…

Actually… says Cramer, let’s see if the Fed sticks to its .75bp rate-hiking guns on July 26-27…

https://twitter.com/Krisssskros/status/1547228560275947522

 

Top 10 overview

With the overall crypto market cap at US$909 billion and down another 1.8% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

So, given today’s macroeconomic bombshell (sort of), things could be a whole lot worse for Bitcoin, Ethereum and the rest of crypto than they actually are right at this moment. Maybe that’ll be a different story by the time this is read.

At time of publishing, BTC’s daily low is pretty much bang on US$19k – which came not long after the CPI news. It’s bounced back a bit since and at least one crypto analyst of some note is still calling for a relief rally…

Cool, but what are the bears saying?  

 

 

Meanwhile, those who’ve been waiting to again buy a triple-digit ETH, join the queue. Melbourne-based Ethereum educator and investor Anthony Sassano seems keen…

ETH fans are still champing at the bit for the no.1 smart-contract platform’s Merge event – the transition from Ethereum’s proof-of-work consensus model to proof of stake. That’s coming soon to a cinema near you (well, the latest estimate is apparently some time in September).

 

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.12 billion to about US$371 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Lido DAO (LDO), (market cap: US$374 million) +23%

• Curve DAO (CRV), (mc: US$373 million) +6%

Arweave (AR), (mc: US$578 million) +5%

• Serum (SRM), (mc: US$388 million) +5%

• Aave (AAVE), (mc: US$1 billion) +5%

 

DAILY SLUMPERS 

• ECOMI (OMI), (market cap: US$396 million) -9%

• Evmos (EVMOS), (mc: US$430 million) -7%

• Loopring (LRC), (mc: US$450 million) -7%

• Synthetix Network (SNX), (mc: US$532 million) -6%

• Chain (XCN), (mc: US$2 billion) -6%

 

Around the blocks

A selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse…

https://twitter.com/BitcoinBaddiez/status/1547237726663106561