Top Cryptocurrencies Plunge Despite Slight Inflation and Latest China Trade Agreement

Key crypto assets have recently stumbled in terms of price irrespective of the market-favoring developments. The exclusive market data points out that, despite slight inflation in the U.S. market and the exclusive trade deal between China and the U.S., crypto market has incurred a decline. Specifically, Bitcoin ($BTC), Dogecoin ($DOGE), and Ethereum ($ETH) have recorded 1.18%, 2.71%, and 1.53% dips.

Bitcoin, Dogecoin, and Ethereum Drop by 1.18%, $2.71%, and 1.53%

In line with the new market data, Bitcoin ($BTC) has witnessed a 1.18% decrease in its price. As a result of this, the price of the flagship crypto coin now accounts for $108,619.39. Apart from that, Dogecoin ($DOGE) has recorded a 2.71% slump due to which its price has reached the $0.1928 mark. Additionally, Ethereum ($ETH) has recorded a 1.53% decrease, pushing its price down to $2,772.61.

The wider live crypto data displayed the selloff, with more than $293M in diverse positions liquidated in 4 hours. Particularly, out of that, $198M was included in long bets, highlighting that several traders were excessively optimistic. In the meantime, the Open Interest in Bitcoin also plunged by 1.62% over 24 hours.

Binance-Based Traders Maintain Short Bitcoin Positions at Large

Along with that, most of the traders using Binance maintained their short positions on $BTC, when taking into account Long/Short ratio. Nonetheless, despite the dips, market sentiment sustained its inclination toward greed. Additionally, the wider market capitalization of the crypto sector dropped by 1.46% to touch $3.41T.

Hence, although the U.S. President Donald Trump has announced the groundbreaking trade agreement with China, the prominent crypto assets like Bitcoin, Dogecoin, and Ethereum are showing sideways in price movements. Keeping this in view, the market onlookers consider it crucial for Bitcoin ($BTC) to maintain its positive above $108,300 in order to preserve bullish momentum.