Blockchain News

Cryptocurrency markets moved in tandem with the world financial markets as a slightly bearish tone engulfed market sentiment ahead of the release of the July readings on CPI from the U.S.

Cryptocurrency markets declined early on Tuesday, with top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) both shedding more than 3 percent in the past 24 hours. The inflation readings for the month of July are due Wednesday and markets are eagerly waiting how it would impact the Fed's rate hike plans.

Cryptocurrencies made strong gains early on Wednesday amidst easing geopolitical tensions and positive sentiment in stock markets worldwide. Market capitalization increased more than 3 percent to $1.08 trillion, versus $1.06 trillion a day earlier.

Cryptocurrencies extended losses amidst rising geopolitical tensions that played spoilsport with global financial markets. Rising political tensions between the U.S. and China appeared to dampen the sentiment in markets already depressed by the challenging macro-economic conditions.

July was both an eventful and strong month for cryptocurrencies. Despite the turbulence that the external and internal market factors triggered, cryptocurrencies surged ahead, shrugging off macro-economic concerns as well as the disturbing developments within the crypto industry.