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cryptocurrency price today: cryptocurrency prices on June 12: Bitcoin drops below $67.5K ahead of Fed policy decision
Major cryptocurrencies saw further decline on Wednesday ahead of a major US inflation report and a Federal Reserve policy decision that will determine the near-term outlook for interest rates. At 12:16 IST, Bitcoin was trading 0.5% lower at $67,337, while Ethereum was down 0.9% at $3,519. Meanwhile, global cryptocurrency The market capitalization also saw a 0.65% decline, settling around $2.45 trillion in the last 24 hours.
“With all eyes on the US CPI data and the Fed interest rate decision today, the crypto market has already taken a hit with Bitcoin holding at $66,000. With the market not expecting a rate cut in the US, any sign of a rate cut could push the market into bullish territory once again,” said CoinSwitch Markets Desk.
Along the same lines, BuyUcoin CEO Shivam Thakral said, “The cryptocurrency market has seen a marginal decline with BTC falling below the $68,000 level while Ethereum has changed hands below the $3,600 level. If the Fed decides to cut the interest rate after the encouraging inflation data, we can expect an upward trajectory in the overall cryptocurrency market.”
Read also: Is Bitcoin Still Undervalued? What Will Drive BTC Growth to Break Above $100,000 Levels
Meanwhile, altcoins and meme coins such as BNB (-0.6%), Solana (-1.9%), XRP (-1%), Dogecoin (-0.9%), Cardano (-1.4%), Shiba Inu (-1.3%), and Chainlink (-2%) mirrored the downward trajectory. The volume of all stablecoins is now $82.35 billion, which is 97.24% of the total 24-hour cryptocurrency market volume, according to CoinMarketCap. Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.326 trillion. Bitcoin’s dominance currently stands at 54.26%, according to CoinMarketCap. BTC’s 24-hour volume has increased by 8.8% to $31.2 billion.
Edul Patel, CEO of Mudrex, said: “BTC has consolidated at $67,000 levels ahead of the key US inflation report and Federal Reserve meeting scheduled for today. The next immediate support is at $67,100 and resistance at $67,700. On the other hand, Ethereum is also trading on similar lines with Bitcoin settling at $3,400.”
Attention now turns to the US Consumer Price Index (CPI) data, due later in the day, which is expected to rise a slight 0.1% in May from the previous month, but with the underlying index rising 0.3%.
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
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