The global cryptocurrency market cap is $1.71 trillion, a 10.13% decrease over the last day, data from coinmarketcap.com shows.
In the last 24 hours, Bitcoin has increased 0.25% to $41,566, while Ethereum is down by 0.19%. The second-largest crypto is trading at around $3,006.
Solana is down by 0.64% and Cardano by 2.98%. Polkadot is also down by 1.36% in the last 24 hours.
Dogecoin is down by 1.51% to $0.1469.
The above prices are as of 6.15 pm IST on 6 February (Data courtesy: coinmarketcap.com).
US inflation is probably about to spike yet again
Meanwhile, inflationary pressures in the US continued to heat up at the start of the year, data are expected to show, likely putting a Federal Reserve interest-rate increase next month on autopilot.
The consumer price index probably jumped 7.3% in January from a year ago, the largest annual advance since early 1982, according to the median projection in a Bloomberg survey of economists.
Excluding volatile energy and food categories, the CPI is projected to have risen 5.9%.
India’s government and the central bank are watchful of developments globally including the rise in inflationary pressures worldwide, Finance Minister Nirmala Sitharaman said.
The government will not allow the economy to suffer for lack of preparation, Sitharaman said Sunday at a post-budget interaction with an industry body.
After the global financial crisis, the outcome showed the liquidity tap was not shut at the right time, said Sitharaman. “We are fairly watchful of what’s happening as regards global developments, as regards Fed’s decisions as also regards global inflationary pressures," she said.
India doubled down on its spending commitment in its annual budget, relying on an already swamped debt market to borrow and spend big to spur growth.
The Reserve Bank of India is set to outline its policy on Feb. 9 and is expected to take further steps like raising the reverse repo rate to further pull back on pandemic-era steps.
With agency inputs
