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Home Business & Finance

Crypto Market Turns Bearish Ahead of US CPI Report, Bitcoin Drops to $60,800

Nnaemeka OkwarabyNnaemeka Okwara
October 10, 2024
in Business & Finance
0
Crypto Market Turns Bearish Ahead of US CPI Report, Bitcoin Drops to $60,800
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The cryptocurrency market is feeling negative as people wait for the upcoming United States Consumer Price Index (CPI) report. Right now, Bitcoin, the most well-known cryptocurrency, has dropped to $60,800, and other cryptocurrencies (altcoins) are also showing big losses.
Data from CoinGecko shows that the total value of all cryptocurrencies worldwide has gone down by 3.3% in the last 24 hours, now standing at $2.2 trillion. The amount of money being traded in the global market is between $80 billion and $87 billion, which shows that the market is feeling negative.

Bitcoin’s price has fallen below $61,000, reaching as low as $60,300 earlier today. This drop is happening at the same time that big investors (whales) are trading less. Santiment data shows that the number of transactions worth more than $100,000 in Bitcoin has gone down from 10,098 to 8,176.

Even though Bitcoin’s value has gone down, its funding rates show a good sign, rising from 0.004% to 0.007% in the last day. But, if Bitcoin’s price drops below $60,000, there could be big losses and more price changes.

The Relative Strength Index (RSI) is now at 45, which means Bitcoin is in a balanced state before the CPI report comes out. The US CPI report, coming out today, is expected to show that inflation has gone down to 2.3%. This could affect the Federal Open Markets Committee’s choice about interest rates.

Looking back at past events, good news about the US economy has often made the crypto market more positive. The last US jobs report helped push Bitcoin above $64,000, and a drop in US inflation might do the same for market feelings.

Tags: 800BitcoinBitcoin Drops to $60CPICryptoCrypto Market Turns Bearish Ahead of US CPI Reportfederal characterFinancemarketNewsUS
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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