Crypto Price Today: Bitcoin trades below $41,800 ahead of US CPI and interest rate decision
XRP (-0.6%), and Dogecoin (-2.3%) were trading in the red, while BNB (7%), Solana (2.1%), Cardano (4.2%), and Avalanche (15%) were trading in the green.
Meanwhile, the global cryptocurrency market cap declined by 0.21% to around $1.58 trillion in the last 24 hours.
At 12.50 p.m., BTC was trading 1.1% lower at $41,786. In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $817 billion.
Bitcoin has had a rough start to the week with a wick towards $40,300 today. It is now recovering and consolidating near $41,800. As market structure has not yet changed fundamentally, hopes of a rally towards $48,000 remain strong as we lead to the year's end, said Vikram Subburaj, CEO of Giottus Crypto Platform.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details»CoinDCX Research Team, stated, «Over the last 24 hours, the market exhibited high volatility, witnessing a majority of tokens experiencing losses. However, today, the market is showing signs of recovery, particularly in Ethereum's Layer 2 solutions like OP (Optimism) and Immutable-X (IMX), which are outperforming.»
Notably, the announcement of Monthly US CPI data today could introduce additional volatility to the market, CoinDCX said.
Meanwhile, analysts stated that the US Consumer Price Index (CPI) report, due on Tuesday, is expected to show a moderation in inflation, but still above the
