US CPI Data Release Expected to Impact Crypto Market Dynamics
Bitcoin is experiencing a correction, dropping from $105,000 to $102,600. The global crypto market cap decreased by 1.3% to $3.29 trillion, while total trading volume rose by 44% to $179 billion, with Tether's USDT accounting for $129 billion.
- $662 million in liquidations occurred within 24 hours, including $517.5 million in long positions and $144.5 million in shorts.
- Total open interest in crypto derivatives fell by 3% to $138 billion.
- The shift to USDT indicates cautious trading ahead of the US Consumer Price Index (CPI) data release.
Market Outlook
Despite the correction, indicators suggest potential upward momentum:
- CBOE Volatility Index dropped to 18.4, a low not seen since March.
- The US inflation rate is expected to remain around 2.4% for April.
- Analysts report a lower 1.68% CPI rate according to Truflation.
Crypto influencer Crypto Rover anticipates bullish momentum if CPI data is favorable.