Yesterday’s inflation news in the United States pushed bitcoin to $ 50,000 once again, but the asset failed and fell by several thousand dollars. Most altcoins are also in the red on a daily scale, as ETH has slipped to $ 4,000.
Bitcoin Rejected at $50K
The past several days didn’t go all that well for the primary cryptocurrency. It tried to recover from last week’s massive crash and challenged the $50,000 mark on several occasions but to no avail.
His failure to make the leap had led him to around $ 47,500 yesterday when the US Bureau of Labor Statistics revealed the highest inflation rate in about 40 years at 6.8%.
This had an immediate effect on BTC’s price, which jumped by a few thousand dollars and touched $50,000. As it happened with the previous attempts, though, the asset couldn’t pass by it, and the subsequent rejection drove it south by more than $3,000.
After dropping below $ 47,000, bitcoin has rebounded quite well and is currently above $ 48,000, and the market cap is north of $ 900 billion.
ETH at $4K: Polkadot Jumps 5%
The second-largest digital asset went above $4,400 a few days ago, but the predominantly negative sentiment in the market brought it below $4,000 briefly. As of now, though, ETH stands above that line.
Binance Coin also traded north of $ 600 recently, but another 4% drop on a daily scale pushed BNB to $ 550. Solana (-3%), Cardano (-2%), Avalanche (-3%), and Shiba Inu (-1.5%) are also slightly in the red.
Terra, which was among the best performers lately, is down by 8% today. Consequently, LUNA sits at just over $60.
Ripple and Dogecoin are only slightly in the red, while Polkadot has jumped 5% and is hovering around $ 28.
The cryptocurrency market cap dipped below $2.3 trillion yesterday but is now just above it.
