By now it is lunch time again. We take a look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we zoom in on the 3 main reasons why prices are currently falling and what signals to watch out for.
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 22,632.75 ($23,088.17). This is 1.20% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also falling. Apart from the stable coins, we see some green numbers. The biggest gain is currently for Avalanche (AVAX) with + 2.03%. Lido Staked Ether (STETH) is currently posting the largest loss with – 5.92%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
We currently see 3 reasons why the Bitcoin (BTC) price is falling. We will discuss these briefly below.
Bitcoin (BTC) price and crypto market awaiting US inflation data
The first reason why prices are currently under pressure is the uncertainty surrounding US inflation. Later today, most inflation figures (CPI) will be announced. We see that the market can react strongly to such announcements.
Twitter won’t load because you didn’t give permission.
CPI prints have been pretty pitoval for BTC price action. Big day tomorrow innit. pic.twitter.com/xUUTAhd0Lf
– Will Clemente (@WClementeIII) August 9, 2022
Last week’s positive jobs report showed that the economy in America is doing better than expected. This would give the Fed room to announce additional interest rate hikes to dampen inflation. Whether this is necessary is shown by today’s figures. Where some claim that inflation is already over the top, a negative surprise could lead to strong price pressure.
Crypto market under pressure due to billion dollar loss Coinbase
The US crypto exchange Coinbase is publicly traded and this means that they have to publish quarterly figures. These figures show that the exchange lost almost a billion in the second quarter. This means that there is clearly less interest in crypto and investors are taking their profits.
What is striking about this is that retail investors (smaller investors) in particular are taking a back seat. Indeed, the result on this part of the market fell by 66%.
Bitcoin (Image: Pexels / Alesia Kozik)
Bitcoin (BTC) Lightning network under fire, so pressure on price
Researchers at the University of Illinois have published a scientific piece. In this piece, they argue how a block of just 30 nodes can lead to a $17 million theft on the Bitcoin (BTC) Lightning network. In the article, they detail such a zombie attack. They also describe the vulnerability of the Lightning Network to a so-called “double spend” attack. This makes it possible to spend the same Bitcoin multiple times.
Since the software is open-source, I’m sure developers will fix the weaknesses quickly, but such a degradation of the technology behind the Blockchain and Bitcoin (BTC) is obviously not good for the price.
So what can we expect from the Bitcoin (BTC) price in the short term?
The factors we described above and the falling prices make it clear that we are in an uncertain, bearish market. The market’s reaction to the release of the CPI figures in America is now the most important.
The bullish and bearish price path that we can follow for the BTC price based on that, we set out for you yesterday.
Want to stay informed about the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time.
Note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.