Hassan Maishera
TL;DR
-
Bitcoin is up by more than 2.5% in the last 24 hours and briefly hit the $61k mark late on Tuesday.
-
Traders remain cautious ahead of today’s CPI figures as the inflation numbers will determine if the Fed will cut rates next month.
BTC Tops $61k Ahead of CPI
Bitcoin, the leading cryptocurrency by market cap, is having a positive start to the week. BTC is up by 2.6% in the last 24 hours and is trading at $60.904 per coin. It briefly hit the $61k mark late on Tuesday before settling around $60,900.
The positive performance comes as investors and traders await the latest CPI figures from the United States. Market analysts believe that the CPI figures could see Bitcoin and other major financial assets record losses in the short term.
Crypto trading firm QCP Capital stated that,
“Investors remain cautious ahead of US CPI this week. They will closely watch inflation numbers for guidance on whether the Fed will cut rates by 50 or 25 bps in September. The odds are now evenly split.”
If the CPI data comes out higher, it indicates that inflation remains high and the chances of the US Federal Reserve cutting interest rates next month are slim. High CPI figures will see Bitcoin and other cryptocurrencies underperform while a lower CPI figure could result in BTC’s price surging higher in the short term.
Toncoin’s TON continues to lead the market in terms of performance, adding 6% to its value over the last 24 hours. TON is trading at $6.76 and could surge higher in the near term. Toncoin’s positive performance comes as traders remain bullish thanks to its GameFi integrations.
Ether is up by 3% in the last 24 hours and is now trading above $2,700 per coin. Thanks to the positive performance, the total cryptocurrency market cap has surged to $2.13 trillion, up by nearly 2% today.
