Latest Status of Bitcoin (BTC) and Cryptocurrencies Ahead of US Inflation Data Release

  • Bitcoin (BTC) is currently trying to maintain above the $62,000 level as the market anticipates volatility with the upcoming inflation data announcement.
  • The US Consumer Price Index (CPI) inflation data, which is expected to be 3.4% on an annual basis, will be announced today at 15.30.
  • This data is expected to bring significant volatility to Bitcoin, and it is thought that it will provide a roadmap for whether these levels will be the bottom or whether the decline will continue.

Bitcoin braces for volatility as the market anticipates the announcement of the US inflation data. Will this data set the roadmap for Bitcoin’s future?

Bitcoin’s Reaction to Previous Inflation Data

The previous inflation data was announced as 3.5%, exceeding the 3.4% expectations, triggering a short-term $500 decline in Bitcoin. Bitcoin experienced a slight increase after the data, but then continued to decline, falling to $56,650.

Bitcoin’s Current Status Ahead of Inflation Data

According to CoinGecko data, Bitcoin has experienced a 1.2% increase in the last 24 hours before the US inflation data, trading at $62,485.

Current Status of the Top 10 Cryptocurrencies by Market Value

  • Ethereum (ETH) is down 0.2%, trading at 2,901,
  • BNB (BNB) is down 3.2%, trading at 566,
  • Ripple (XRP) is down 1%, trading at 0.501,
  • Cardano (ADA) is down 0.5%, trading at 0.43,
  • Solana (SOL) is down 1.8%, trading at 143.7,
  • Toncoin (TON) is up 0.3%, trading at 6.87 dollars.

Conclusion

Bitcoin’s total market value is 1.23 trillion dollars, while the total value of the cryptocurrency market is at 2.38 trillion dollars. The upcoming inflation data is expected to bring significant volatility to the market, and all eyes are on Bitcoin to see how it will react.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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