Mooners and Shakers: Ethereum pumps as US inflation shrinks; Celsius short squeezes
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Fist pumps all round! Fresh data suggests US inflation might’ve peaked and now it’s up only for risk assets. Forever. Okay, let’s bring it down a notch, but Bitcoin, Ethereum and pals are at least enjoying a moment.
The latest Consumer Price Index data regarding inflation was announced in the US while Australia was going to bed, and the survey says: 8.5%. Which is well down from last month’s reading of 9.1%. Market nerves eased.
It’s still a high inflation figure, but perhaps Tesla boss Elon Musk was right last week when he predicted inflation had peaked. Regardless of what happens next and how the Fed will respond in September at its next big meeting of puppet mastery, the crypto market is reacting pretty positively for now.
This vibe check from US trader and analyst Sven Henrich pretty much sums up the fickle, reactionary nature of markets, though…
And… not to rain on the parade too much, but here’s another American trader bringing a reality check. Gareth Soloway has been trying to temper Crypto Twitter bulls for months now, and is pointing to the less bullish “core CPI” figure here. That refers to the inflation data focused on just energy and food, and stripped of more volatile components…
We’ve been tuning into the astute Soloway here and there for a while, and we can at least tell you that he is long-term bullish on crypto, even if he wouldn’t be surprised to see things tank again before they get better.
Anyhoo, onto some daily price action…
Top 10 overview
With the overall crypto market cap at US$1.19 trillion and up 4.5% since this time yesterday, here’s the current state of play among top 10 tokens — according to CoinGecko.
Look at Ethereum (ETH) go. An 8.5% daily jump is significant for such a large market-cap crypto. Seems like investors and traders are indeed betting big on the protocol’s Merge. (ETH’s transition from its proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism, pencilled in for about September 19.)
Uppers and downers: 11–100
Sweeping a market-cap range of about US$9.4 billion to about US$516 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
DAILY PUMPERS
• Celsius (CEL), (mc: US$1 billion) +31%
• Shiba Inu (SHIB), (mc: US$7.26 billion) +19%
• Lido DAO (LDO), (mc: US$1.45 billion) +19%
• Aave (AAVE), (mc: US$1.55 billion) +13%
• Synthetix (SNX), (mc: US$973 million) +10%
It’s never quite a surprise to see the SHIB token have short-term bipolar price-swing action, but what the hell’s been going on with the price of CEL just lately? Isn’t Celsius supposed to be on the brink of bankruptcy?
Yep… but apparently a good proportion of the “Celsius community”, or at least those trying to make a quick buck and mitigate their losses before it all turns to fecal matter again, are attempting a coordinated short squeeze. And it appears to be having some success.
Read the full article: https://stockhead.com.au/cryptocurrency/mooners-and-shakers-ethereum-pumps-as-us-inflation-shrinks-celsius-short-squeezes/
