Bitcoin is trading at $118.417 today as investors watch the CPI
- Bitcoin falls and puts pressure on the cryptocurrency market
- Altcoins record losses over 10% on the day
- US inflation could influence cryptocurrency prices
Bitcoin is trading today at $118.417 (approximately R$644.811,50 or €102.059,58), down 2% over the past 24 hours. The downward movement has put the largest cryptocurrency back below the $120 threshold, even with gains still maintained in the weekly total.
The leading cryptocurrency briefly surpassed $122 on August 11, with its market cap surpassing $2,5 trillion. However, it quickly lost momentum, hitting a low of $118,5 before stabilizing slightly below $119. This movement comes amid anticipation for the release of the US Consumer Price Index (CPI), scheduled for today.
The CPI result is closely watched by the Federal Reserve and could influence the institution's decision on possible interest rate cuts next month. If inflation falls below projections, the market could react positively, paving the way for a recovery in cryptocurrencies. On the other hand, a higher number could intensify selling pressure.
Bitcoin's market capitalization fell to approximately $2,36 trillion, although its dominance over altcoins rose to approximately 58,6%. Ethereum, on the other hand, maintained positive performance, trading above $4.300, representing a 45% increase in the last 30 days.
Among the few positive highlights of the day were Bitcoin Cash (BCH), TRON (TRX), and Toncoin (TON), which posted slight gains. However, most altcoins saw sharp declines. Story (IP) led the losses with a 16% decline, followed by Bonk (BONK) and Pudgy Penguins (PNGU), both down 12%, while Pi Network (PI) fell 7%.
The total market value of cryptocurrencies fell to $4,04 trillion, a 2% decrease from the previous day, highlighting the impact of Bitcoin's decline and the negative performance of most altcoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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