The cryptocurrency market is currently experiencing a downturn on June 11th. Bitcoin, in particular, has been facing significant price drops in anticipation of two key events that could impact its value: the release of the US Consumer Price Index (CPI) report today and the Federal Reserve (Fed) rate announcement tomorrow.
Traders are speculating that the Fed’s options may be limited due to strong payroll numbers from last month, leading to reduced expectations of an interest rate cut in September. CME’s FedWatch tool reflects investors’ belief that rates may remain unchanged until November, with a 47% chance of no change at the upcoming Federal Open Market Committee (FOMC) meeting in September.
As of now, the price of Bitcoin stands at $66,944.90, marking a 3.6% decrease in the past 24 hours. The overall market is seeing a significant downturn, with only Tron (TRON) showing a slight profit among the top 20 cryptocurrencies, with a 0.7% increase and a trading price of $0.1171.
Recent events have led to a volatile cryptocurrency market, with Bitcoin facing strong selling pressure following the US jobs report on June 7th. The digital asset saw a sharp decline to $68,400, resulting in a market sell-off of over $400 million.
Bitcoin’s dominance has been on the rise, thanks to positive inflows into BTC-related exchange-traded funds (ETFs) for 19 consecutive days. While this led to significant gains for the cryptocurrency, the momentum was short-lived, and Bitcoin experienced a sharp drop after reaching $72,000 on Friday.
It’s important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, Bitcoin ETFs have reached a milestone with a record $887 million in inflows, indicating growing interest in the digital asset. As for the Bitcoin price forecast for June 2024, some analysts predict a potential rise to $100,000.