Skip to main content

Biggest Movers: BCH 6% Higher, as US Inflation Falls by More Than Expected

BCH 6% Higher, as US Inflation Falls by More Than Expected

Bitcoin cash rose by nearly 6% on Wednesday, following the release of the latest consumer price index (CPI) in the United States. Inflation fell by 1.0% from May, coming in at 3.0% last month. Polkadot also rose, extending its winning run for a third straight day.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) rose by as much as 6% earlier in today’s session. BCH/USD surged to a peak of $289.49 earlier in the day, which comes following Tuesday’s bottom at $271.44.

This rise in price has pushed the cryptocurrency towards a ceiling at $300.00, and closer to a recent 15-month high at $329.71.

From the chart, the move occurred after a marginal breakout of a ceiling at 68.00 on the relative strength index (RSI).

At the time of writing, the index is tracking at 70.56, with the next visible point of resistance at 73.00.

Should this point be hit, there is a strong chance that BCH will be trading at or over $300.00.

Polkadot (DOT)

Polkadot (DOT) rose for a third consecutive day during Wednesday’s session, as price neared a one-week high.

After falling to a low at $5.13 on Tuesday, DOT/USD jumped to an intraday high of $5.30 earlier today.

This is the strongest level the token has hit since last Thursday, when it peaked at $5.37, marginally below a ceiling at $5.40.

Since today’s peak, earlier gains have somewhat slipped, as a result of the RSI colliding with a ceiling at 55.00.

Currently, price strength is at a reading of 54.55, with DOT now trading $0.05 lower than its previous high.

In the event this ceiling is broken, the next target for polkadot bulls will likely be $5.50.

Register your email here to get weekly price analysis updates sent to your inbox:

Will the Federal Reserve hike rates despite today’s inflation report? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/5YMreO4
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more