Cryptocurrency markets pumped on positive CPI data but retraced the move after an unexpectedly hawkish FOMC press conference.
Prices as of 3.30 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,412.07 | -0.1% |
| Ethereum ETH/USD | $3,516.92 | +0.7% |
| Solana SOL/USD | $152.28 | +1.8% |
| Dogecoin DOGE/USD | $0.1437 | +3.9% |
| Shiba Inu SHIB/USD | $0.00002197 | +0.96% |
Notable Statistics:
- Coinglass data shows short liquidations at $23.6 million, the highest since June 6. Open interest tallies at $36 billion, the highest since mid-April.
- IntoTheBlock data shows a 19% increase in large transactions volume, while the number of Bitcoin active addresses is up 4%. Transactions greater than $100,000 spiked from 7,782 transactions on June 10 to 9,074 transactions on June 11.
Notable Developments:
- Ethereum Is Undervalued, Trader Suggests: ‘Don’t Overthink Things When The Market Gives You Opportunities’
- Solana, Ripple ETFs Unlikely In Near Future, Says Cboe VP
- Analyst Predicts AI, Crypto Could Inject $20 Trillion Into The Global Economy By 2030
- Bitcoin Holders Should Be Watching This Dot Plot At Today’s FOMC Meeting
- Donald Trump Wants ‘All The Remaining Bitcoin To Be Made In The USA’
Top Gainers:
| Cryptocurrency | Price | Gains +/– |
| Livepeer LPT/USD | $24.16 | +18.8% |
| Injective INJ/USD | $30.07 | +12.1% |
| Notcoin NOT/USD | $0.01757 | +10% |
Trader Notes: Bitcoin rallied on CPI data but retraced on the FOMC's decision to keep rates unchanged, as well as forecasting only one rate cut for the rest of 2024.
Crypto trader Kevin highlighted in his tweet that Powell's speech was like "throwing a cold glass of water on the bulls right now. The statement was hawkish and he's relatively hawkish."
He is worried how the crypto markets will react and unsure about further bullish catalysts.
Another trader highlighted an event that has supposedly only happened three tiimes in Bitcoin’s history, leading to the "most euphoric time in crypto."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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