Bitcoin Stays Steady Near $103,000 Ahead of U.S. CPI Data
Bitcoin is stabilizing around $103,000 as traders await U.S. inflation data. Optimism about potential Fed interest-rate cuts could boost prices further. Bitcoin's market dominance has decreased from 65% to 63%, reflecting increased interest in alternative cryptocurrencies.
What to Watch
- Crypto Events:
- May 14: Neo mainnet hard fork upgrade at block height 7,300,000
- May 14: Launch of VanEck Onchain Economy ETF
- May 16: Galaxy Digital Class A shares begin trading on Nasdaq
- May 19: CME Group expected to launch cash-settled XRP futures
- May 19: Coinbase will replace Discover Financial Services in S&P 500
- Macro Data:
- May 13: U.S. April consumer price inflation data releases
- May 14: Argentina’s April inflation data releases
- May 15: U.S. March retail sales data releases
- May 15: U.S. April producer price inflation data releases
- May 15: U.S. April retail sales data releases
- May 15: U.S. unemployment insurance data releases
- May 15: Fed Chair Jerome Powell delivers a speech
- Earnings:
- May 13: Semler Scientific
- May 14: Bitfarms
- May 14: IREN
- May 15: Bit Digital
- May 15: Bitdeer Technologies Group
- May 15: Fold Holdings
- May 15: KULR Technology Group
- May 28: NVIDIA
Market Movements
- BTC price: $103,469.13, up 1.58%
- ETH price: $2,485.45, up 1.22%
- CoinDesk 20 index: 3,244.61, up 1%
- DXY down 0.22% at 101.56
- Gold up 3.22% at $3,251.80/oz
- Silver up 1.85% at $33.03/oz
- DJIA closed +2.81%
- S&P 500 closed +3.26%
- Nasdaq closed +4.35%
Bitcoin Stats
- BTC Dominance: 62.95
- Hashrate: 875 EH/s
- Total Fees: 12.946 BTC / $1.33 million
- CME Futures Open Interest: 146,020 BTC
- BTC priced in gold: 31.7 oz
Derivatives Positioning
- Open interest in bitcoin perpetual futures dropped by $1 billion to $19 billion during recent pullback
- Funding rates for BTC and ETH remain positive
- Call options continue to trade at premiums to puts on Deribit
Token Events
- Unlocks:
- May 13: WhiteBIT Coin unlocks 27.41% of circulating supply worth $1.2 billion
- May 15: Starknet unlocks 4.09% worth $23.87 million
- May 15: Sei unlocks 1.09% worth $14.91 million
- May 16: Arbitrum unlocks 1.95% worth $39.06 million
- Launches:
- May 13: LOFI lists on Kraken
- May 15: RIZE lists on Kraken
- May 16: Several tokens to be delisted from Coinbase
The stablecoin tether's market cap reached a record high of $150 billion, increasing 4% recently, potentially supporting the market on dips.