Markets
PEPE Explodes 10% Daily, BTC Faces Massive Volatility Ahead of FOMC Meeting (Market Watch)
Bitcoin price actions were heavily influenced by key economic developments on the US front once again as it fell from over $70,000 to $66,000 ahead of the US CPI data and the latest FOMC meeting.
Altcoins have also faced enormous volatility recently, but PEPE has emerged as the leader with a 10% increase.
BTC prepares for US developments
The leading cryptocurrency came to a violent end last week, falling from $72,000 to less than $68,600 in hours. The weekend was much less eventful as the asset recovered some ground and settled at just over $69,000.
The picture took a more positive turn on Monday, when bitcoin jumped just over $70,000 once again. However, the end of the impressive string of spot BTC ETF inflows resulted in further pain for the underlying asset, which it fell heading towards $68,000 on Tuesday.
Another price drop followed suit in the last 12 hours, taking BTC to its lowest position since May 20 at $66,000. This happened in the middle fears on US CPI data and the next FOMC meeting, which is expected to be today.
Bitcoin managed to recover and is currently trading above $67,000. However, more volatility is expected during the day after both developments occur in the US.
For now, BTC’s market cap is below $1.330 trillion, while its dominance over alts is 51.5%.
Bitcoin/Price/Chart 12.06.2024. Source: TradingView
PEPE challenges general trend
Most of the larger cap alts have been quite sluggish over the last 24 hours after losing a lot of value yesterday. ETH, SOL, XRP, DOGE, ADA, SHIB, AVAX, LINK and TRX are still slightly in the red.
In contrast, TON jumped 3%, while KAS increased just over 4% in the previous day.
PEPE emerged as the best performer in this group of assets. The meme coin is up 10% and is above $0.000013 now.
In contrast, FET was dumped by more than 8%, followed by AR (-5%), IMX (-4%), and FIL (-4%).
The total value of the crypto market has lost a little more value and is now below $2.6 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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