- Internet Computer Protocol (ICP) dropped 7% in value over the past 24 hours.
- ICP price fell from $5.67 to as low as $5.27, breaking a key support level of $5.48.
- Trading volume surged to 708,905 units, nearly double the daily average.
- Analysts pointed to coordinated selling by large investors and companies.
- The decline follows broader crypto market weakness after higher-than-expected U.S. inflation data.
Internet Computer Protocol (ICP) lost 7% of its value in the last 24 hours as its price dropped sharply. The token fell to $5.27 during trading on August 18, causing concern among traders due to a break of the important $5.48 support line. The drop comes as the crypto market faces renewed pressure from recent U.S. inflation concerns.
Technical data shows that ICP’s market activity increased significantly, with trading volume reaching 708,905 units, nearly twice the normal daily average of 386,248 units. According to CoinDesk Research, this pattern indicates that large investors and corporate treasury desks may have coordinated a significant round of selling.
Analysts noted a failed attempt by ICP to recover, with the price rebounding briefly to $5.35 before dropping again to $5.29. The price is now consolidating near $5.29, a sign that institutional interest in the project may be declining.
The broader cryptocurrency market is facing selling pressure after last week’s U.S. Producer Price Index (PPI) report showed higher-than-expected inflation for July 2025. This has sparked what analysts call a “risk-off” sentiment, where investors sell off more speculative assets such as ICP. Higher inflation worries can reduce overall liquidity and prompt investors to move away from higher-risk investments.
A downturn in the entire digital asset sector can lead to increased selling in cryptocurrencies like ICP, as traders seek to minimize exposure to market volatility. So far, the response remains cautious, with no major recovery reported for ICP after its fall below the $5.48 threshold.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Malicious PyPI Packages Uncovered: Supply Chain Risk for Python
- Internet Identity 2.0 Launches With Passkeys, Google Sign-In
- India, Russia to Discuss Rupee Trade in BRICS Amid Tariff Tensions
- Oh Whale: Riding the Waves of Transparency, Utility, and Community Growth
- Bitcoin, Ethereum, XRP Plunge, Sparking Fears of Major Crypto Crash
