Hassan Maishera
TL;DR
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Bitcoin has held its position ahead of today’s inflation data from the United States.
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The world’s leading digital currency is up by only 1% this week.
BTC Stays Ahead of $68k as Investors Eye Inflation Data
Bitcoin, the leading cryptocurrency by market cap, has had a net positive performance so far this week. It is up by less than 1% in the last 24 hours and is currently trading at $68,335.
The performance comes as investors eye today’s U.S. PCE announcement. According to the Japanese crypto exchange bitBank, today’s inflation data could see Bitcoin and other major cryptocurrencies record losses. The exchange said,
"If the inflation data comes in hotter than expected, bitcoin could give up about a half of its gain in the past two weeks and decline to around $65,000,"
Inflation data is crucial to Bitcoin’s performance as it determines the Fed’s decision on interest rates. So far this week, BTC has added 1% to its value and is trading above $68k per coin.
While Bitcoin is in the green, most altcoins are underperforming. Ether has lost less than 1% of its value so far today and now trades at $3,745 per coin. Solana, BNB, XRP, Dogecoin, Cardano, and Toncoin have all lost roughly 1% of their values in the last 24 hours.
With altcoins largely underperforming, the total cryptocurrency market cap has dropped to the $2.54 trillion mark.
