BingX Insights

Get the latest blockchain news on BingX.

US CPI Announcement Today, Bitcoin Flat in Anticipation (Market Watch)

BTCEUR - Jordan Lyanchev 2023-05-10 17:00

Bitcoin has remained flat at around $27,500 for the past day, but that is likely to change later today as the US is set to announce the CPI numbers for April.

The altcoins are also sitting quietly today, with little-to-no movements from the top 20.

BTC Stalls at $27.5K

Bitcoin initiated an impressive leg-up at the end of last week that culminated in nearing $30,000 on Saturday morning. The subsequent rejection, though, pushed the asset south hard, and it found itself slipped to and below $29,000.

Sunday was less eventful, but the landscape changed for the worse once again on Monday and Tuesday. BTC first slipped to $28,000 before the bears drove it south to a weekly low of $27,300 yesterday.

Since then, bitcoin has managed to reclaim some ground and currently stands at $27,500. More volatility is expected later today when the US CPI numbers for April come out. Here are the dates for the most important US events that could have historically affected bitcoin’s price.

As of now, BTC’s market cap stands inches above $530 billion, while its dominance over the altcoins is just shy of 47%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

Alts Sit Calmly

Despite being more volatile by nature, the larger-cap altcoins have not registered any substantial moves in the past 24 hours either. Ethereum continues to trade just under $1,850, XRP is slightly above $0.4, while DOGE, TRX, LTC, and SHIB are with minor daily gains.

In contrast, BNB, MATIC, ADA, and DOT have charted insignificant daily losses. The most substantial gainers come from the top 100 alts – KAVA and Bitcoin SV. Both are up by over 10% in a day.

Overall, though, the total crypto market cap has remained flat since yesterday at $1.140 trillion. Nevertheless, the metric is down by more than $65 billion since the weekend.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

The post US CPI Announcement Today, Bitcoin Flat in Anticipation (Market Watch) appeared first on CryptoPotato.