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US CPI Announcement Today, Bitcoin Flat in Anticipation (Market Watch)

$260M Liquidated Amid Bitcoin’s Rollercoaster Prompted by Fed’s Rate Hike: Market Watch

Bitcoin remains unchanged at around $27,500 in the past 24 hours, but this is expected to change today as the US is set to announce the CPI numbers for April.

The top 20 altcoins are also quiet today, with little or no movement.

BTC Stalls at $27.5K

Bitcoin experienced notable growth at the end of last week, with a near $30,000 value by Saturday morning. However, it faced strong resistance, and the subsequent rejection led to a significant drop to below $29,000.

Sunday passed without any significant events, but Monday and Tuesday saw further negative developments. BTC first fell to $28,000 before bears drove it down to a low of $27,300 yesterday. Since then, the value of bitcoin has climbed up but is currently at $27,500. The release of the US CPI numbers for April later today could cause more volatility. The following are crucial dates for US events that have had a historical effect on bitcoin price.

BTC’s market cap is currently just above $530 billion, with a dominance of almost 47% over other cryptocurrencies.

BTCUSD. Source: TradingView

Alts Sit Calmly

Although they are naturally more volatile, the larger-cap altcoins have not had any significant movement over the past 24 hours. Ethereum continues to trade just under $1,850, XRP is slightly over $0.4, while DOGE, TRX, LTC, and SHIB have minor daily gains.

On the other hand, BNB, MATIC, ADA, and DOT have recorded insignificant daily losses. The top 100 alts have registered the most significant gains, with KAVA and Bitcoin SV both up by over 10% in a day.

The total crypto market cap has remained stable since yesterday at $1.140 trillion, but it has decreased by more than $65 billion since the weekend.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto