The volatile cryptocurrency market experienced another rollercoaster week, driven by major economic events in the United States. Bitcoin, in particular, saw a sharp decline, dropping from over $70,000 to $66,000 as investors eagerly awaited the outcome of the FOMC meeting.
Bitcoin kicked off the week with aggressive movements, tumbling from a high of $72,000 to $68,600 within hours. After a brief period of stability above $69,000 over the weekend, the leading digital currency faced new hurdles. The cessation of strong inflows into spot BTC ETFs led to another dip, pushing the price down to around $68,000 on Tuesday.
On Wednesday, June 12, 2024, following stable Consumer Price Index (CPI) data from the previous month and a 3.3% year-on-year increase in May, Bitcoin’s price rose to $69,600 and saw a 4% uptick.
In contrast to the overall market trend, Ethereum (ETH) saw a 3% uptick, reaching near $3,650. Notably, meme coin PEPE outshone the rest, surging by an impressive 15% to over $0.00001350. Other cryptocurrencies like Notcoin (NOT) and Injective (INJ) also experienced gains of over 15%.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered as financial advice. Investing in cryptocurrencies carries a risk of financial loss.
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