Crypto Market In Red: Bitcoin Drops Close To 4%, Ethereum Held Below $1900

As of writing this copy at around 5:10 pm (IST) major cryptocurrencies are trading in the red on witnessing profit-booking in trade today after strong gains made in the previous session. Bitcoin-the largest crypto is down by close to 4% at $23,689, while Ethereum is also trading lower with a cut of 1.7% at $1867.77.

Bitcoin, though down in comparison to the previous session, is trading close to the upper end of the $19K-$24K range it occupied most since June. The crypto market has favourably reacted to the latest US CPI number which came in lower than the estimates suggesting that the US inflation may rather come under control and the global economy may not witness a steep recession.

"People are excited about taking on risk again because it seems as if inflation is under control," Weiskopf-Portfolio manager at Amplify ETFs is quoted as saying in a Coindesk report. "We'll see if that actually proves out. That bitcoin bottomed and now we're at $24,000, a lot of people are excited about that."
Ether which breached $1900 mark for the first time since May on Thursday also traded with a cut even though investors celebrated the Merge that will alter the Ethereum protocol from a proof-of-work to more envirornmentally-friendly proof-of-stake protocol.
As per the media reports, the Enforcement Directorate or ED engaged in probing economic offence has freeezed assets amounting to Rs. 3.7 billion of troubled cryptoexchange Vauld. In July, the crypto lender made a plea for protection from its creditors in Singapore.
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