The cryptocurrency market is currently experiencing a downturn on June 11th. Bitcoin’s price has been declining significantly in recent days, with two important upcoming events that could impact its value: the release of the US Consumer Price Index (CPI) report today, and the Federal Reserve (Fed) rate announcement tomorrow.
Traders are speculating that the Fed may have limited flexibility due to strong job numbers last month, leading to reduced expectations of an interest rate cut in September. CME’s FedWatch tool indicates that investors believe the Fed will maintain rates unchanged until November, with a 47% probability of no changes at the upcoming FOMC meeting in September.
As of now, Bitcoin is trading at $66,944.90, marking a 3.6% decrease in the last 24 hours. The overall market is facing a significant decline, with only Tron (TRON) showing gains among the top 20 cryptocurrencies, up by 0.7% at $0.1171.
The cryptocurrency landscape has been tumultuous recently, especially after the US jobs report on June 7th. Bitcoin experienced strong selling pressure, dropping to as low as $68,400 and witnessing a market sell-off of over $400 million.
Bitcoin’s dominance has been increasing, fueled by positive inflows into BTC-related ETFs for 19 consecutive days, leading to volatility that sometimes resulted in significant gains. However, after reaching $72,000 on Friday, BTC faced a bearish trend, resulting in a sharp decline.
It is important to note that the opinions and views expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks of financial loss.
In other news, Bitcoin ETFs have reached a milestone with a record $887 million in inflows. Speculations about Bitcoin’s price reaching $100,000 by June 2024 are also circulating in the market.