Bitcoin, Ethereum, Dogecoin Mixed As SEC Plans To Appeal XRP Ruling: Analyst Says Solana Could Replicate Cardano's 2019 Bear Market Comeback
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies experienced mixed trading on Wednesday evening as investors awaited the release of July's Consumer Price Index (CPI) in the United States. The Securities and Exchange Commission (SEC) is planning to appeal a recent court decision related to Ripple Labs. The global crypto market capitalization stands at $1.18 trillion, a 0.38% decrease in the last day. Stocks experienced a decline on Wednesday as investors eagerly anticipated upcoming inflation data. The S&P 500 saw a decline of 0.7%, while the Nasdaq Composite slipped 1.17%.
August 10, 2023 | 2:40 am
News sentiment analysis
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POSITIVE IMPACT
Dogecoin experienced an increase of 0.55% in its price, trading at $0.075.
The increase in Dogecoin's price is likely due to the anticipation of the release of the US CPI data and the SEC's decision to appeal the Ripple Labs ruling. These factors could have led to uncertainty in the market, causing an increase in Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Bitcoin experienced a decrease of 0.96% in its price, trading at $29,573.
The decrease in Bitcoin's price is likely due to the anticipation of the release of the US CPI data and the SEC's decision to appeal the Ripple Labs ruling. These factors could have led to uncertainty in the market, causing a decrease in Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Ethereum experienced a decrease of 0.25% in its price, trading at $1854. Ethereum's top 10 addresses have been consistently expanding and accumulating a larger portion of the total available coin supply.
The decrease in Ethereum's price is likely due to the anticipation of the release of the US CPI data and the SEC's decision to appeal the Ripple Labs ruling. These factors could have led to uncertainty in the market, causing a decrease in Ethereum's price. The accumulation of Ethereum by the top 10 addresses indicates a strong belief in the long-term value of Ethereum.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100