The major coins traded mixed on Wednesday evening. Despite the much-anticipated inflation data and the much-anticipated Ethereum Shanghai upgrade, either Bitcoin still ether showed a lot of movement.

What happened: After the successful implementation of Ethereum’s Shanghai upgrade, the network’s participants were finally able to withdraw the staked ETH. ETH price showed little movement, ticking slightly higher.

At the time of writing, the global crypto market cap stood at $1.23 trillion, down slightly by 0.07% from the last day.

The looming threat of a recession left its mark on Wall Street as stocks tumbled. Despite cooler-than-expected inflation data being released, investors remained worried, causing the S&P 500 to post a 0.41% decline, while the Nasdaq Composite fell 0.85%.

See more: Best Crypto Day Trading Strategies

News Highlights: According to FTX’s legal team, there is a possibility that the company will be restarted in the future. During a hearing Wednesday in the United States Bankruptcy Court for the District of Delaware, attorneys for Sullivan & Cromwell announced that the crypto firm had recovered approximately $7.3 billion in cash.

Analyst Notes: Edward Moyasenior market analyst at OANDA, said: “Bitcoin profit-taking intensifies after prices surged following knee-jerk reaction to inflation report. It appears that the momentum rally for bitcoin may be over for now. Inflation hedging and/or a break in its correlation with stocks could wear off for a while. Bitcoin appears poised to consolidate here as it clearly needs a robust catalyst to keep the rally going. Downside support should come from the $27,500 region.”

Pseudonymous cryptanalyst rect capital predicts a temporary drop in BTC prices to $28,987 followed by a breakout that…