Cardano
Bitcoin, Ether, XRP, Cardano Steady Despite Worse Than Expected CPI Data — BTC Finally Inflation Proof? ⋆ ZyCrypto
 
 
Bitcoin continued to exude strength on Friday despite worse-than-expected inflation figures earlier in the week. At press time, Bitcoin was trading at 20,905 after surging by over 5% in the past 24 hours and over 10% in the past three days. On the other hand, Ethereum was trading at $1,220 after adding over 12.86%, with XRP, ADA, and Solana increasing by roughly 7%, 5%, and 13%, respectively, according to data from CoinMarketCap.
This comes after Bitcoin’s brief plunge to $19,200 on Wednesday, with the U.S. Consumer Price Index showing that inflation had risen by 9.1% in June, tapping a fresh 40-year-high and overshadowing May’s 8.6%.
In response, President Joe Biden termed the current inflation figures as “unacceptably high,” promising to double down on efforts to lower gas prices. He also stated that they would “give the Federal Reserve the room it needs to help it combat inflation,” a statement that Treasury secretary Janet Yellen buttressed on Thursday. The two statements have been taken to suggest that the Fed could continue to implement more aggressive measures to tamp down inflation.
Whereas markets have been unable to improve after previous CPI figures, Bitcoin seems to have held its ground since Wednesday, raising questions about whether the crypto asset is now inflation-proof. Besides its proven ability to return outsized gains, more investors have perceived Bitcoin as a hedge against inflation following this week’s strength. To others, the crypto asset could emerge stronger from its current situation.
According to Cryptoquant’s CEO Ki Young Ju, the latest CPI numbers are likely already priced, which explains the cryptocurrency’s forbearance. “Everyone is talking about CPI numbers, but I think it’s already reflected in the $BTC price. This one is not an unpredicted black swan for professional investors,” Young wrote in a tweet. According to him, Bitcoin investors are unlikely to sell their coins due to inflation despite being in a lot of pain.
 
 
Santiment has also suggested that Bitcoin could be decoupling from traditional asset movements. Following the CPI report, “BTC and altcoins have been recovering while the SP500 and gold drop. If they say uncorrelated, it’s a good sign of a potential breakout,” Santiment wrote.
However, some believe that its price could take one last leg down. According to Alfonso Peccatiello, author of The Macro Compass, Bitcoin may drop to $12,000 before mounting another rally. Speaking to Kitco news on Thursday, Alfonso argued that the plunge was necessary for the market to completely unwind from the havoc caused by “all the pockets that benefited a lot from very strong risk sentiment and very cheap credit in 2021.”
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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