Dogecoin and XRP Decline as Crypto Investors Take Profits Before Inflation Data
Bitcoin (https://holder.io/coins/btc/) fell 1% in the last 24 hours, while XRP (https://holder.io/coins/xrp/) and Dogecoin (https://holder.io/coins/doge/) dropped 2.5%, indicating a weak recovery.
Key events include:
- President Trump proposed increasing tariffs on EU imports from 20% to 50%, causing initial market downturn.
- Market stabilized after Trump delayed new tariffs until July 9 following discussions with EU leadership.
- Analyst Jeffrey Ding noted that the delay encouraged a risk-on sentiment among traders, especially with Michael Saylor hinting at Bitcoin purchases.
- Implied volatility for BTC options compressed below 1 after spiking above 2 last week, signaling cautious trader sentiment.
- Upcoming Core PCE inflation print is anticipated as a key indicator for Federal Reserve policy decisions.
- BlackRock’s IBIT recorded 30 days of net inflows, reflecting steady institutional interest despite market uncertainty.
- A divergence exists between digital assets and traditional tech sectors, with crypto showing relative resilience.
QCP Capital highlighted the impact of unpredictable policy changes on market stability, suggesting that crypto appears more stable amid erratic policymaking.