Bitcoin and altcoins were on a wild ride earlier after the latest United States Consumer Price Index (CPI) data came in at 7.5% – the highest level it’s been in 40 years.
Bitcoin (BTC), which many see as a potential inflation-hedge asset, actually initially plummeted about US$1,800 on the news, before quickly spiking back up.
Top 10 overview
With the overall crypto market cap up about 1.7% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko date.
In the midst of Bitcoin’s moment of weakness, US trader and analyst Scott Melker, aka the “Wolf of All Streets,” put the dump down to fears about the US Federal Reserve’s likely inflation-combatting rate hikes in March.
Funny, I thought Bitcoin was supposed to go up whenever they admit that inflation is bad, but instead people dump it because they are afraid the Fed will actually try to deal with inflation, proving once again that humans are dumb af.
— The Wolf Of All Streets (@scottmelker) February 10, 2022
But the dip was extremely short lived. Maybe Fed rate-hike fears and reactions are now… “priced in”? That’s a pretty big maybe, of course.
Nevertheless, the original, orange-coloured crypto rebounded in a sharp, V-shaped recovery to a daily high shortly after. At the time of writing, it’s hanging around at that higher level – about US$45,450.
And, just for comparative fun, here’s the latest US Dollar Index chart. The BTC/DXY inverse correlation continues.
Winners and losers: 11–100
Sweeping a market-cap range of about US$22.8 billion to about US$1 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Smooth Love Potion (SLP), (market cap: US$1.28b) +32%
• Theta Network (THETA), (mc: US$4b) +20%
• Secret (SCRT), (mc: US$1.17b) +10%
• Celsius Network (CEL), (mc: US$1.48b) +7%
• Neo (NEO), (mc: US$1.78b) +6.5%
• Arweave (AR), (market cap: US$1.86b) -6%
• radix (XRD), (mc: US$1.96b) -5.5%
• Celo (CELO), (mc: US$1.35b) -4.5%
• Leo Token (LEO), (mc: US$6b) -4%
• Iota (IOTA), (mc: US$1.35b) -4%
Lower-cap winners and losers
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Pirate Chain (ARRR), (market cap: US$270m) +39%
• RibbonFinance (RBN), (mc: US$112m) +38%
• Ellipsis (EPS), (mc: US$153m) +34%
• IQ DAO (IQ), (mc: US$62m) +30%
• bonfida (IFAD), (mc: US$163m) +21%
• EverRise (RISE), (market cap: US$81m) -20%
• Tomb Shares (TSHARE), (mc: US$312m) -17%
• Crypterium (CRPT), (mc: US$23m) -16%
• SmartValue (VALOR), (mc: US$24m) -15%
• Kuma Inu (KUMA), (mc: US$19m) -14%
Gary Vaynerchuk – a US entrepreneur, investor, NFT project creator and social-media personality (the guy wears a lot of hats) – gave some good answers to crypto-skeptic questioning from CNBC Middle East today.
In response to the host’s proposed notion that the crypto space is “an avenue for money laundering” a hang-out for white supremacists and is “problematic at best in so many ways”, Vaynerchuk countered:
“I don’t think the crypto space has any more problematic issues than the internet, society at large, mainstream media, Wall Street… I think it’s a new avenue of innovation.
“Every avenue of innovation has good characters and bad characters,” he continued. “I look at it as a new platform where consumers and humans will evolve, and all the good and bad that comes with human behavior will play out on the platforms.”
— Gary Vaynerchuk (@garyvee) February 10, 2022
— Crypto Rand (@crypto_rand) February 10, 2022