The digital currency market experienced another rollercoaster week of trading, driven by major economic events in the United States. Bitcoin, in particular, faced a significant downturn, dropping from its peak of over $70,000 to $66,000 as investors awaited the outcome of the FOMC meeting.
Bitcoin kicked off the week with sharp fluctuations, sliding from $72,000 to $68,600 within hours. After a brief period of stability above $69,000 over the weekend, the leading cryptocurrency encountered further challenges. The halt in strong inflows into spot BTC ETFs led to another decline, pushing the price to around $68,000 by Tuesday.
However, on Wednesday, June 12, 2024, following the release of the Consumer Price Index (CPI), which remained unchanged from the previous month and showed a 3.3% year-on-year increase in May, Bitcoin’s price rallied to $69,600, marking a 4% gain.
In contrast to Bitcoin’s performance, Ethereum (ETH) saw a 3% rise, reaching close to $3,650. Notably, the meme coin PEPE experienced a remarkable 15% surge, surpassing $0.00001350 in value. Other cryptocurrencies like Notcoin (NOT) and Injective (INJ) also saw gains of over 15%.
Please note that the opinions expressed in this article are solely for informational purposes and do not constitute financial advice. Investing in cryptocurrencies carries risk and may lead to financial losses.
In the editor’s choice section, Bitcoin struggled to break the $72,000 mark while meme coins lost momentum. Bitcoin retraced below $69,000, dragging altcoins down by 10-15% in just one day.