The US markets have closed again. After the announcement of the US inflation figures, we see that the price of Bitcoin (BTC) and top 25 crypto prices are rising rapidly. We also analyze the Ethereum (ETH) rally and the takeover that Ripple (XRP) is hoping to pull off.
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 rise
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 23,420.99 ($23,890.02). This is 2.90% higher than yesterday around this time and 0.34% higher than during our crypto update from Monday evening.
The prices of most of the coins in the top 25 crypto are also rising. The stable coins are showing red numbers and in addition we only see Leo Token (LEO) recording a loss with -3.00%. At the moment, Near Protocol (NEAR) is recording the largest return with +9.04%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Crypto reacts positively to favorable inflation data
Today the inflation figures for July were announced in America. Investors were wary, because rising inflation would open the door for sharper interest rate hikes by the Fed.
We now know that annualized inflation fell to 8.5% in July from 9.1% in June. On a monthly basis, there was not even any inflation measured. With that, there is cautious hope that inflation is past its peak. This would have reduced the urgency for hard intervention by the Fed. This immediately led to rising prices in various financial markets, including the crypto market.
However, there is still some concern that the inflationary specter has been finally banished. Experts see the brake on inflation as being caused primarily by a falling gas price. This is, certainly in view of the situation in Russia, a shaky assumption for a trend reversal. The question is therefore how structural this will make the boost in the financial markets.
Crypto investors: take profits or hold on after Ethereum (ETH) rally?
One of the coins that rose sharply in value today was Ethereum (ETH). After reaching a high of +10.69%, the price declined slightly due to profit taking. Currently, the live Ethereum (ETH) price is $1,848.76. This is still 8.61% higher than yesterday around the same time. The question, of course, is whether it is wise to take profits now.
On the one hand, a strong price rise in a short period of time could lead to a correction. Moreover, the main driver of the price rise seems to be the favorable inflation figures. This effect seems to be ebbing away as the rally rises less sharply.
On the other hand, we see that more and more investors are holding onto their Ethereum (ETH) and waiting for price increases. We are also seeing increasing interest from institutional investors. Finally, of course, we are waiting for the Merge update in September which many believe will lead to price appreciation.
With that, for investors with a long investment horizon who do not want to make daily transactions, it seems worth considering holding the currency. More experienced and frequent traders may speculate on a short-term correction.
Ripple (XRP) investigates acquisition of Celsius
One of the victims of the recent crypto crash, as we reported, was crypto lending platform Celsius. Meanwhile, the bankruptcy proceedings are ongoing, and on August 5, Ripple filed 3 motions regarding involvement in the bankruptcy process. This was remarkable, because as far as we know, Ripple (XRP) had little or no financial interest in the platform.
Now it appears that Ripple (XRP) is trying to gain insight into Celsius’ portfolio. If this shows that there are leads that offer strategic advantage, the Ripple organization, in accordance with its previously publicized acquisition plans, wants to try to take over (parts of) Celsius. It remains to be seen whether this will succeed. Nexo had to pay the price in an earlier attempt. It is currently not known whether the parties are already in talks with each other. Investors have not yet reacted strongly. The live Ripple (XRP) price of $0.3802 is 3.17% higher than yesterday, but this could also be due to favorable inflation data.
Staying up to date with 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. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”