Markets
Crypto Markets Fall Ahead of US Inflation Data
Cryptocurrency stocks reversed premarket losses.
Crypto markets fell on Tuesday morning as traders braced for new macroeconomic data from the United States.
The Producer Price Index (PPI) for April increased by 0.5%, more than the 0.2% estimated. report comes ahead of Consumer Price Index (CPI) data on Wednesday.
Bitcoin (BTC) is trading at $61,689 – down 2% in the last 24 hours. Ether (ETH) fell nearly 3%, while Solana fell 4%.
A Rise in GameStop (GME) Stock provoked a rally in meme coins on Monday. A post by RoaringKitty, an investor, analyst and influencer known for his role in the 2021 GME crisis, sent the video game retailer’s shares soaring. GME shares have nearly tripled in the last two days.
Various offshoots and joke tokens referencing GameStop, Gill, and his online kitten persona have flooded the Solana and Ethereum blockchains, with one meme token GME rising as much as 1,500%.
PEPE soared 30% while Dogecoin (DOGE) jumped 3.5% in the last 24 hours, while Shiba Inu (SHIB) and FLOKI rose 2% and 12% respectively.
Crypto Stocks Rise
Cryptocurrency and blockchain-related stocks rose on Tuesday. Coinbase Global (COIN) rose 1.6%, while miners Riot Platforms (RIOT) and Marathon Digital (MARA) rose more than 3%. MicroStrategy (MSTR) gained 2.6%.
The ProShares Bitcoin Strategy ETF (BITO) fell 3%.
US stocks remained relatively stable on Tuesday as traders await tomorrow’s inflation numbers, which will influence the Federal Reserve’s next policy move. The S&P 500 and Nasdaq rose 0.1%.