Top Cryptocurrencies Plunge Despite Slight Inflation and Latest China Trade Agreement

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Key crypto assets have recently experienced price declines, even amidst generally favorable market developments. Recent market data indicates that despite slight inflation in the U.S. and a trade deal between China and the U.S., the cryptocurrency market has seen a downturn. Bitcoin ($BTC), Dogecoin ($DOGE), and Ethereum ($ETH) have specifically recorded dips of 1.18%, 2.71%, and 1.53% respectively.

Bitcoin, Dogecoin, and Ethereum See Price Decreases

Bitcoin ($BTC) has experienced a 1.18% decrease, bringing its price to approximately $108,619.39. Dogecoin ($DOGE) has also seen a decline of 2.71%, with its price now around $0.1928. Furthermore, Ethereum ($ETH) has recorded a 1.53% decrease, pushing its price down to $2,772.61.

The broader live crypto data reflected this selloff, with over $293 million in liquidations across various positions within a 4-hour period. Notably, $198 million of this amount was attributed to long positions, suggesting that some traders held overly optimistic expectations. Concurrently, the Open Interest in Bitcoin decreased by 1.62% over 24 hours.

Binance Traders Show Short Bitcoin Positions

Data suggests that a significant portion of traders on Binance maintained short positions on $BTC, as indicated by the Long/Short ratio. Despite these price dips, overall market sentiment continues to lean towards greed. The total market capitalization of the cryptocurrency sector has decreased by 1.46%, reaching $3.41 trillion.

Therefore, despite the announcement of a trade agreement, major crypto assets like Bitcoin, Dogecoin, and Ethereum are exhibiting sideways price movements. Market observers believe it is crucial for Bitcoin ($BTC) to maintain a level above $108,300 to sustain any bullish momentum.