As a researcher with a background in financial markets and cryptocurrencies, I’ve seen my fair share of market volatility. Yesterday’s price action in the crypto market was a prime example of this, with Bitcoin (BTC) experiencing a significant pump and subsequent dump after the release of the US CPI numbers.
As an analyst, I observed a significant surge in Bitcoin‘s value the previous day, approaching nearly $60,000 following the release of the Consumer Price Index (CPI) figures. However, this upward trend abruptly reversed, with Bitcoin experiencing a decline of over $2,000.
Many altcoins exhibit modest day-to-day price movements. However, some significant losers can be identified among them, including BONK, RNDR, BRETT, PEPE, and WIF.
BTC Slumps After CPI Pump
As a cryptocurrency analyst, I’ve observed that the primary digital currency took a significant hit last Friday, dropping below the $54,000 mark for the first time in several months. Over the weekend, however, the asset regained some ground and surged above $58,000. Unfortunately, this upward trend was short-lived as bears reemerged, driving the price back down.
As an analyst, I observed that the beginning of this business week was marked by heightened volatility once more. A familiar pattern emerged around the price points of $58,000 and $55,000, which triggered yet another pump-and-dump event. Later in the week, Bitcoin attempted to surpass the $59,000 threshold but fell short during its initial attempt.
Yesterday’s US Consumer Price Index (CPI) figures surpassed expectations, leading to a rapid price increase for Bitcoin, peaking at $59,500. Nevertheless, bears reemerged, causing another significant decline in Bitcoin’s value, dropping it by over $2,000.
Currently, Bitcoin hovers just above the $57,000 mark. Its market capitalization is approximately $1.130 trillion, while its control over the altcoins on CoinGecko falls below the 51% threshold.
BONK Goes Down
As a crypto investor, I’ve observed that many altcoins mirrored each other’s movements following the release of the CPI numbers. However, the market has since stabilized, and their prices remain relatively unchanged from yesterday. Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), Ripple (XRP), and Shiba Inu (SHIB) are showing minor losses, while Chainlink (LINK) has taken a bigger hit with a significant price drop.
In contrast, AVAX, TRX, TON, DOT, and ADA are slightly in the green on a daily scale.
Among mid-cap alternatives, the stocks that suffered the most significant losses were Bonk, down 11%; Rndr, with a decline of 9%; Brett, losing 7%; Akt, dropping 7%; and Strk, which experienced a decrease of 7%.
The total crypto market cap has lost some traction and is down to $2.220 trillion.
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2024-07-12 12:12