It could be a very volatile day in the cryptocurrency world. The next US Consumer Price Index (CPI) will be released later today. Depending on how high these inflation figures turn out, it could provoke a violent reaction in the financial markets. The figures will be published at 14:30 Dutch time. What do you expect prices to do after CPI? Talk about it in our Discord community!
August #inflation print comes out tomorrow:
– Anything over 8.74% would be bad.
– A drop below 8.3% would be good.
– A drop all the way to 7.6% would be excellent.
That’s what you get from looking at the historical month-to-month changes in the CPI. pic.twitter.com/w0lkKGuKv3
— ecoinometrics (@ecoinometrics) 12 September 2022
Bitcoin tests resistance, hash rate to new record
Bitcoin (BTC) broke through the $22,000 mark yesterday morning and then the 100-day simple moving average without too much trouble. However, the price is encountering resistance around $22,400, and bitcoin has failed to break through three times in the past 24 hours.
At the time of writing, the BTC price is down to $22,200 on Binance and $21,900 on Bitvavo. Should bitcoin break through, the next resistance zone is between $22,780 and $23,400, according to Whalemap. Should bitcoin break through this as well, we may see a retest of the $25,000 high this summer. But will we see a continuation of the downward trend after that?
The new range to watch: $22,780 – $23,400
This one is serious BUT is the last one in our current 19k – 25k range. pic.twitter.com/MpVOXCxmGd
— whalemap (@whale_map) 12 September 2022
Meanwhile, rising hashrate, or the Bitcoin network’s computing power to a new record. According to data from BTC.com, it peaked at 282 yesterday exahashes second (EH/s). This means that in approximately 11 hours the so-called mining difficulty, or difficulty, with 3.11% will rise to a new record. This is a sign of a healthy and secure network, but it also puts more pressure on the miners.
Bitcoin hash rate hitting new highs this week with ETH’s transition to PoS is truly poetic https://t.co/mteI1VSSY4 pic.twitter.com/7L4bVr6EeF
— Will Clemente (@WClementeIII) 12 September 2022
Ethereum falls a little, merges closer and closer together
Ethereum (ETH) falls slightly in the run-up to the long-awaited ‘merger’. The Ether price ran into too much resistance around $1,780 and fell to $1,680 last night. At the time of writing, ETH is at $1,715 and is down 2.3% today.
If all goes well, Ethereum will perform the merger within two days. Then the network switches off proof of work ugly proof of effort and ether miners will be a thing of the past, except for a small group that has one hard fork want to enforce. Still, the merger is expected to cause a significant market shift.
whose #Ethereum‘s merger on Wednesday goes as planned, ETH miners will be obsolete.
ETH miners earned $18 billion in 2021 compared to $17 billion for BTC miners. pic.twitter.com/md4YPhhDkZ
— Arcane Research (@ArcaneResearch) 12 September 2022
Solana fastest climber top 10 crypto
Among the major cryptos, solana (SOL) has risen the most in the past 24 hours and last week. SOL peaked around $38.8 this morning after gaining 8.5% in the past 24 hours and 20% from a week ago. So far, SOL is holding above $38.4. Slowly, it seems that the market for non-fungible tokens (NFT) is catching on to the network.
Solana NFT transactions per week presented without comment pic.twitter.com/LCJBtjQMaI
— Nansen Intern 🧭 (@nansen_intern) 12 September 2022
Ravencoin fastest rising crypto top 100
Ravencoin (RVN) is the fastest climber in the top 100 today. The RVN price peaked at around $0.072 last night, the highest price since April. RVN fell to $0.062 overnight but is still up 15% today and up 60% from a week ago. It is speculated that the increase is due to ETH miners switching to RVN, a PoW crypto.
Luna & Luna Classic continues to drop
In contrast, the prices of terra (LUNA) and terra luna classic (LUNC) continue to fall. After the huge increase that both prices made last week, they have continued to fall in recent days. LUNC is today again 13% in the red and LUNA even 17%.
— il Capo Of Crypto (@CryptoCapo_) 12 September 2022
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