The broader cryptocurrency market is falling today, June 11th. The price of Bitcoin has been showing significant drops in recent days ahead of two important developments, which could influence the price action of the largest asset, they are: the US Consumer Price Index (CPI) report, which will be released today, and the Federal Reserve (Fed) rate announcement tomorrow.
Currently, traders estimate that the Fed may not have much room for maneuver, given the high payroll numbers last month, thus reducing expectations that the central bank’s first rate cut could be carried out in September.
CME’s FedWatch tool revealed investors’ current interest rate beliefs, highlighting that they believe the Fed could keep rates unchanged until November. According to the tool, there is a 47% probability that the entity will maintain rates at current levels at the Federal Open Market Committee (FOMC) meeting scheduled for September.
At the time of publication, the price of Bitcoin was quoted at US$66,944.90, down 3.6% in the last 24 hours. The broader market is experiencing a sharp pullback, with only Tron (TRON) being the only one to make a profit in the last 24 hours among the top 20 cryptocurrencies by market capitalization. TRON is up 0.7% and is trading at $0.1171.
It is worth remembering that the cryptocurrency scene recently presented a rollercoaster of emotions after the United States jobs report on Friday the 7th, Bitcoin was confronted by significant selling pressure that led it to fall to US$68,400, culminating in a sell-off of more than US$400 million across the market.
Bitcoin’s dominance has shown signs of strengthening, fueled by an impressive 19-day streak of positive inflows into BTC-related exchange-traded funds (ETFs). This phenomenon sustained volatility that, at times, favored considerable gains for the leading cryptocurrency. However, the boost was brief and after reaching $72,000 on Friday, BTC saw bears take control, leading to a sharp drop.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/mercado-em-queda-hoje-bitcoin-cai-abaixo-de-us-67-000-antes-dos-desenvolvimentos-importantes-desta-semana/
