Crypto Prices Marketwide Nosedived as Dollar Hits a 7-Week High

  • Strong US inflation and spending data released yesterday caused crypto prices to tumble.
  • At press time, the price of BTC maintains a position above the key $23k level.

The blockchain analytics firm, Santiment (@santimentfeed), tweeted today regarding the crypto market leader, Bitcoin (BTC). According to the tweet, BTC and the S&P 500 dropped Friday after the U.S. Dollar hit its highest value since the opening week of 2023. The tweet concluded by stating that BTC breaking this current trend will please bullish traders.

BTC and S&P 500 plummet following positive US data (Source: Santiment)
BTC and S&P 500 plummet following positive US data (Source: Santiment)

At the time of the tweet, which is around 24 February, 2023 13h30 UCT, the S&P 500 was down -5.9%, and BTC’s price was down 7.5% as equities and cryptos plummeted after the U.S. Dollar pumped to a 7-week high. This follows the release of strong U.S. inflation and spending data.

At press time, the price of BTC is trading just above the crucial $23k level at $23,091.52 after dropping another 3.28% over the last 24 hours according to CoinMarketCap. This 24-hour drop in price has added to the BTC’s negative weekly performance, which now stands at approximately -6.28%.

The trading volume for BTC is also 11.01% lower than what it was yesterday, and currently stands at approximately $25,510,917,611. The 24-hour low for BTC is around $23,007.07 and the market leader’s 24-hour high stands at $23,989.51.

The global crypto market cap also slid by more than 3% over the last 24 hours as the majority of crypto prices declined during the period. Most notably, all of the top 10 cryptos by market cap experienced price drops over the last 24 hours. As a result, the global crypto market cap stands at $1.06 trillion at press time.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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