Friday’s trading session on the cryptocurrency market was mostly negative, but Bitcoin (BTC) witnessed some positive activity ahead of important inflation statistics that may provide more insight into the Federal Reserve’s interest rate strategy.
At 12:04 p.m., the price of Bitcoin was 0.8% higher at $68,337, while the price of Ethereum was slightly lower at $3,738, down more than 0.1%. Over the previous day, the value of the worldwide cryptocurrency market increased by 0.3% to approximately $2.54 trillion.
“The cryptocurrency market remained stable after a few sessions of high volatility ahead of US inflation data scheduled to be released on Friday,” stated Shivam Thakral, CEO of BuyUcoin. The Fed’s decision on interest rates at its upcoming meeting, which is scheduled for June 11–12, might be significantly impacted by the inflation figures. There could be an increase in the cryptocurrency market if the Fed decides to loosen monetary policy.”
CoinSwitch Markets Desk stated in the interim that “Traders are cautious, as higher-than-expected inflation could push Bitcoin down to $65,000.”
A 1% increase was seen in Cardano, Tron, Uniswap, and Litecoin, while other well-known cryptocurrencies like BNB, Solana, Dogecoin, Shiba Inu, Chainlink, and Polkadot dropped as much as 3%.
According to data available on CoinMarketCap, the total amount of stablecoins is currently $77.03 billion, or 94.17% of the 24-hour volume of the whole cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, had its market capitalization increase to $1.346 trillion in the past day. The current dominance of Bitcoin is 53.1%, according to.
“BTC keeps fluctuating over the shorter time horizon. It still needs to overcome significant resistance levels at $71,000 and $73,000 in the higher time frame (HTF). To avert a possible minor decline, BTC needs to remain above $67,000, according to the CoinDCX Research Team.
