BTC Dips To $95K, Altcoins On Edge Ahead Of Key Economic Data

Crypto prices on Wednesday have again fueled bearish sentiments among investors as the broader market took a severe hit following Federal Reserve Chair Jerome Powell’s recent testimony. Bitcoin (BTC) price again swooped to a $95K low, whereas altcoins such as Ethereum (ETH), XRP, and Solana (SOL) mimicked a dipping trajectory. Meanwhile, market participants remain cautious as the U.S. CPI and PPI data are set to be released shortly ahead.

Crypto Prices On Feb 12: Here’s All To Know

Against the backdrop of broader trends, the global cryptocurrency market cap slipped by 1.82% in the past 24 hours, reaching $3.14 trillion. However, the total market volume increased by 8% intraday, reaching $105.57 billion.

As mentioned above, the crypto market slumped as Jerome Powell’s testimony before the Senate Banking Committee reflected a hawkish stance on policies. In turn, risk assets such as crypto are under the heat, facing immense selling pressure. Notably, nearly $240 million was recorded to have been liquidated across the market in the past 24 hours as an aftermath.

BTC Price Wanes To $95K Amid Broader Crypto Market Flux

As of press time, BTC price tanked over 2% to reach $95,389. The flagship crypto’s 24-hour low and high were $94,875.04 and $98,492.90, respectively. Bitcoin’s dominance dropped 0.08% from yesterday, resting at 60.37%. Further, the coin saw nearly $44 million worth of liquidations in the past 24 hours, per Coinglass data.

ETH Price Dips In Sync

ETH price fell by 3.5% intraday and is now sitting at $2,592. The coin’s 24-hour low and high were $2,565.40 and $2,724.90, respectively. Ethereum’s waning action falls in line with the broader trend, further accompanied by $30.23 million worth of liquidations in the past 24 hours.

XRP Price Slips 2%

Simultaneously, XRP price’s intraday chart showcased a 2% decline in value, with the asset now resting at $2.39. Its intraday bottom and peak were $2.38 and $2.53, respectively. The Ripple-backed asset recorded liquidations worth $6.05 million in the past 24 hours.

SOL Price Loses 3%

Also, SOL price cracked slightly over 3% in the past 24 hours and is now trading at $194.61. The coin’s intraday low and high were $194.23 and $205.92, respectively.

Meme Crypto Prices In The Red

Additionally, Dogecoin (DOGE) price saw a 2.5% decline intraday, now at $0.2512. Further, Shiba Inu (SHIB) price also fell 2% to reach $0.00001561 despite rising SHIB whale activity. Even PEPE, TRUMP, and BONK lost alarming values over the past day, dropping 2%-6%.

Looming US CPI & PPI Data Sparks Uncertainty

Further, key macroeconomic data such as the U.S. CPI & PPI are set to be released shortly ahead. With Powell already hinting at a hawkish stance on monetary policies, market watchers expect the CPI & PPI to contribute to the pressure on risk assets due to inflationary pressures.

The data, set to be released on February 12 and 13, has further kept investors cautious. Nevertheless, some tokens have defied the current volatile trend, trading dominantly in the green.

Top Crypto Gainer Prices Today

Virtuals Protocol (VIRTUAL)

Price: $1.33
24-Hour Gains: +5%

Sonic (S)

Price: $0.4666
24-Hour Gains: +5%

FTX Token (FTT)

Price: $2.02
24-Hour Gains: +5%

Top Crypto Loser Prices Today

Onyxcoin (XCN)

Price: $0.02112
24-Hour Loss: -9%

Ethena (ENA)

Price: $0.4337
24-Hour Loss: -9%

JasmyCoin (JASMY)

Price: $0.02185
24-Hour Loss: -6%

Overall, the current market scenario remains volatile, primarily attributable to macroeconomic developments. Traders and investors continue to thoroughly monitor the crypto market for further price action shifts.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.