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cryptocurrency price today: cryptocurrency prices june 11: bitcoin falls below $68k ahead of us cpi data
Major cryptocurrencies fell on Tuesday as investors braced for the Fed’s policy decision and awaited Wednesday’s consumer price inflation data. As of 12:43 pm IST, Bitcoin was trading 2.3% lower at $67,770, while Ethereum was down 3.5% at $3,538. Meanwhile, the global market cryptocurrency The market capitalization also saw a 2.7% decline, settling at around $2.46 trillion in the last 24 hours.
“The cryptocurrency market has continued its bearish trend over the past 24 hours, making this a critical and highly volatile week due to the upcoming FOMC meetings and US Consumer Price Index and Manufacturing PPI announcements,” CoinDCX research team noted.
Meanwhile, Giottus CEO Vikram Subburaj said: “Bitcoin has fallen below $68,000 after breaking out of a horizontal wedge pattern. Friday’s stronger-than-expected US employment data dampened market hopes for a US interest rate cut in September. Bitcoin’s price action could be driven by a carry trade strategy, with institutions buying spot ETFs while simultaneously shorting its futures to profit from price differences.”
Read also: Why cryptocurrencies are an asset class that cannot be ignored?
In addition to Bitcoin, altcoins and meme coins such as BNB (4%), Solana (2.8%), XRP (1.9%), Dogecoin (2.2%), Shiba Inu (2.4%), and Chainlink (2.9%) mirrored the downward trajectory.
According to CoinMarketCap, the volume of all stablecoins is now $82.35 billion, or 97.24% of the total 24-hour cryptocurrency market volume.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has dropped to $1.333 trillion. Bitcoin’s dominance currently stands at 54.27%, according to CoinMarketCap. BTC volume in the last 24 hours has increased by 94.13% to $29.5 billion.
Edul Patel, CEO of Mudrex, said: “Bitcoin is currently consolidating around the $68,000 level after the recent liquidations. Bears are attempting to push the price below $68,000, but bulls might also engage in strong buying at this level. The next support level for BTC is at $67,400, while the resistance is at $68,600.”
Meanwhile, CoinDCX research team noted: “Technically, the trend is bearish on the lower time frame, but remains bullish on the higher time frame.”
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
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