ISLAMABAD, (Ind Report): The cryptocurrency market turned bearish on Tuesday ahead of release of key US inflation data, with the market capitalization losing 1.8 percent to reach $2.37 trillion.
The recent dip in the market coincides with traders anticipating key US inflation data set to be released this week. The Producer Price Index (PPI) is expected later in the day, followed by the Consumer Price Index (CPI) on Wednesday. These data points are crucial as they could provide insights into the Federal Reserve’s next moves regarding interest rates.
As of 1410 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, fell to $61,655 with a dip of 1.9 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.214 trillion with this decrease. Bitcoin has been 2.5 percent down in the past seven days.
Recent US economic indicators suggest a slight slowdown, with April’s employment data revealing weaker growth than expected. This has led to speculation that the Federal Reserve might cut rates to prevent an economic downturn. Bitcoin’s (BTC) price has been in a downtrend, as the current market conditions reflect a growing bearish momentum, impacting the overall sentiment in the cryptocurrency market.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 2.4 percent to reach $2,894. With this decrease in price, the market capitalization of ETH has reached $347.6 billion. ETH has shed 5.4 percent of its value during the last seven days.
On the other hand, Binance Coin (BNB) price decreased by 3.6 percent to reach $574. The market capitalization of BNB has reached $88.4 billion with this decrease. BNB has shed 2.6 percent of its value during the last seven days.
Meanwhile, Solana price went down by 1.1 percent to reach $144. With this decrease in price, its market capitalization has reached $64.7 billion. SOL has shed 5.7 percent of its value during the last seven days.
In the same way, the price of Ripple (XRP) inched down by 0.4 percent to reach $0.503. The market capitalization of XRP stands at $27.8 billion with this decrease. XRP has shed 6.1 percent of its value during the last seven days.
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