Top Cryptocurrency Prices On August 20, 2022: Bitcoin Holds Just Above $21K, Ethereum Loses Sharply

Top cryptocurrencies are on a losing streak for the past few sessions now. As of writing this copy at around 10:47 am (IST), Ethereum is the top loser (down over 10%), while Bitcoin is also down by over 7% in the last 24 hours to below $21,500 at $21,166.The largest cryptocurrency by market capitalization is down more than 14% for the week.

On the continuing sell-off, the global crypto market cap has inched lower by 6.2% over the last day to just hold above $1 trillion. Nevertheless, the market has witnessed sharp increase in volume over the previous day to $90.86B, which makes a 38.68% increase.

Latest trigger for bitcoin and other altcoins price decline

The current pullback in cryptocurrency prices is given the latest inflation data in Germany which has come in unexpectedly high. As per reports, the country's annual producer inflation print surged to a high of 37% for July month as against expectations of 32%. Producer prices for a geography is representative of the prices of goods and services that are being catered to by manufacturers.

On the latest inflation data, as per the CME FedWatch tool, the probability of the US Fed increasing the interest rate by 75 bps (0.75%) in the next meet increased from 41% a day earlier to 44.5%.

Furthermore, as per analysts, considering the technicals, the bulls are indeed losing ground. The week started with Bitcoin price surging to $25,200 but failed to sustain momentum, said Coin DCX Research Desk.