Crypto Price Today Live: Bitcoin slips below $23,000; Solana, Ethereum and Polkadot drop up to 7%

New Delhi: Crypto market was trading lower on Thursday as Bitcoin snapped a four-day winning streak to drop below the $23,000 mark.

Markets were awaiting July inflation numbers for the US. The inflation numbers will share cues of the Federal Reserve's intensity over the rate hikes in the coming days.

All the top crypto tokens were trading lower on Thursday. Solana plunged 7 per cent, whereas Polkadot and Ethereum dropped 6 per cent each. Polygon and Cardano shed 5 per cent each.


The global cryptocurrency market cap was trading lower at the $1.08 trillion mark, dropping as much as 4 per cent in the last 24 hours. However, the total trading volume plunged almost 8 per cent, close to $68.63 billion.


Expert take
While it is taking a few days for the prices to climb up, but when the correction kicks in, all the gains are getting squared off in a day or two, said Sathvik Vishwanath, CEO, Unocoin.

"Traders and mid to long-term investors are eyeing bitcoin and the likes instead of random bets. The coupling to equity or commodity markets does not seem to exist for now," he adds.

The US inflation report, scheduled today, is keeping investors on their toes. The overall crypto market cap is down which hints toward selling pressure across crypto assets, said Tarusha Mittal, COO and Cofounder, UniFarm.

"The CPI data will pave the way for the next policy action by the Federal reserve which has been quite aggressive in terms of an interest rate hike and tightening the monetary policy," she added.

Tech view from BuyUcoin
Ethereum has gained a lot of investor interest recently due to its impressive rally in the past month. Ethereum is under pressure and is down by almost 5% ahead of the CPI data which is slated to be released today.

Ethereum is expected to gain momentum as there is a lot of euphoria around the upcoming merge and we can expect the most popular altcoin to find a higher support level between the $1800-$2000 mark.