The biggest cryptocurrencies in the world dipped sharply Thursday after the latest inflation data showed wholesale prices are rising much faster than expected. The price of Bitcoin is down 3.8% on the day ($117,900), Ethereum is down 4% ($4,535), and Ripple is down 6.1% ($3.07) according to CoinMarketCap. Crypto prices are responding to the Producer
Inflation concerns were re-ignited during U.S. morning hours Thursday, sending risk assets — crypto among them — sharply lower. The July Producer Price Index (PPI) rose 0.9%, blowing past estimates for 0.2% and 0.0% in June. On a year-over-year basis, PPI was higher by 3.3% versus forecasts for 2.5% and June’s 2.4%. Core PPI, which
Stablecoin activity also increased, growing by 4.5% as adoption across payment platforms widened. The total stablecoin market crossed $250 billion for the 20th consecutive month of growth. In a similar trend, NFTs experienced a resurgence in May, with total sales volume up 22.5%. Bitcoin NFTs, including Ordinals and BRC-20 collections, also gained ground with a
Shares of Coinbase Global and other firms linked to cryptocurrencies were hammered this quarter, as growing concerns about the US economy weighed on digital assets. Coinbase fell 31 per cent in the worst quarterly performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock plunged alongside it, from conglomerate Galaxy Digital
President Donald Trump at the 2024 Bitcoin Conference in Nashville, TN. The Washington Post via Getty Images The world of financial services is always evolving, but recently there are signs of a seismic shift. At the heart of this transformation is the rise of cryptocurrencies. Digital assets like Bitcoin, Ethereum, and a host of others
President Donald Trump at the 2024 Bitcoin Conference in Nashville, TN. The Washington Post via Getty Images The world of financial services is always evolving, but recently there are signs of a seismic shift. At the heart of this transformation is the rise of cryptocurrencies. Digital assets like Bitcoin, Ethereum, and a host of others