Cryptocurrency Prices on August 13: Bitcoin trades near $59k ahead of US inflation data; Altcoins mixed
At 2:37 pm IST, BTC surged 1% over the past 24 hours, trading just below $59,000. Ethereum, the second-largest cryptocurrency by market capitalization, also gained 2.5%.
Key data releases this week include the U.S. producer price data for July, due later on Tuesday, and the U.S. consumer price index (CPI) data for July, expected on Wednesday. The CPI data is anticipated to show a month-on-month inflation increase of 0.2%. Retail sales data is scheduled for Thursday.
The broader cryptocurrency market showed mixed results. Major tokens such as BNB, Toncoin, Dogecoin, and Cardano gained up to 3%, while Solana, XRP, Tron, Avalanche, and Shiba Inu declined by up to 1%.
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View Details»«Bitcoin is trading sideways, seeking support around the $58,000 mark,» said the CoinSwitch Markets Desk. «Investors are awaiting this week's crucial data to determine the market direction. The U.S. CPI data expected tomorrow will likely have a significant impact on short-term price volatility.»
Edul Patel, CEO of Mudrex, added, «Bitcoin has been hovering around the $59,000
