Cryptocurrency prices on June 11: Bitcoin falls below $68K ahead of US CPI data
As of 12:43 pm IST, Bitcoin was trading 2.3% lower at $67,770, while Ethereum dropped 3.5% to $3,538. Concurrently, the global cryptocurrency market cap also saw a 2.7% decrease, hovering around $2.46 trillion in the last 24 hours.
«The crypto market continued its downward trend over the last 24 hours, marking this week as critical and highly volatile due to the upcoming FOMC meetings and U.S. CPI and PPI announcements,» noted the CoinDCX Research Team.
Meanwhile, Vikram Subburaj, CEO of Giottus, said, «Bitcoin has dropped below $68,000 after breaking down from a horizontal wedge pattern. Friday's stronger-than-expected US jobs data has dampened market hopes for a US interest rate cut in September. Bitcoin’s price actions may be influenced by a carry trade strategy, with institutions buying spot ETFs and while shorting its futures to profit from price differences.»
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View Details»Also Read: Why crypto is an asset class that cannot be ignored?
In addition to Bitcoin, altcoins and meme coins like BNB (4%), Solana (2.8%), XRP (1.9%), Dogecoin
