Markets
Bitcoin Price Retreats After CPI Bombshell, BONK Drops 11% Daily (Market Watch)
Bitcoin price surged yesterday and reached close to $60,000 after the CPI numbers were released, but lost all momentum and retreated by more than two thousand.
Most altcoins are quite sluggish on a daily scale. However, there are several big losers, such as BONK, RNDR, BRETT, PEPE, and WIF.
BTC drops after CPI bomb
The primary cryptocurrency fell sharply last Friday to a multi-month low below $54,000. The asset recovered over the weekend and climbed above $58,000, but that was short-lived. Within hours, the bears returned and pushed it south once again.
The start of the business week was again more volatile, with another pump and dump around $58,000 and $55,000. Later in the week, BTC attempted to break above $59,000 but failed on the first attempt.
However, the US CPI numbers (yesterday) it returned to be better than expected. This resulted in an immediate price surge to a multi-day peak of $59,500. Once again, though, the bears came out of the woods and pushed another leg lower, which took BTC south by over two thousand.
As of now, bitcoin is inches above $57,000. Its market cap is just under $1.130 trillion, and its dominance over alts is just under 51% on CG.
Bitcoin/Price/Chart 12.07.2024. Source: TradingView
BONK falls
Most altcoins went through a similar journey yesterday after the CPI numbers were released, but have calmed down and are in a similar position as they were yesterday. ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly in the red, while LINK is down over 3%.
In contrast, AVAX, TRX, TON, DOT, and ADA are slightly in the green on a daily scale.
The biggest losers among mid-cap alts are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).
The total cryptocurrency market cap has lost momentum and fallen to $2.220 trillion.
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