Bitcoin Price Returns After CPI Bomb, BONK Down 11% Daily (Market Watch)

The price of Bitcoin rose sharply yesterday and approached $60,000 after the CPI figures were released, but lost all momentum and recovered by over two thousand.

Most altcoins are quite slow on a daily basis. However, there are many big losers including BONK, RNDR, BRETT, PEPE and WIF.

BTC Drops After CPI Bomb

The major cryptocurrency poured heavily last Friday to a multi-month low of less than $54,000. The asset bounced back over the weekend to break above $58,000, but it was short-lived. Within hours, the bears returned and pushed him south again.

The start of the trading week was again more volatile, with another pump and dump around $58,000 and $55,000. Later in the week, BTC tried to break above $59,000 but failed on its first attempt.

However, the US CPI numbers (yesterday) were again better than expected. This led to an immediate surge in prices to a multi-day high of $59,500. Once again, however, the bears came out of the woods and drove another leg down, sending BTC south by over two thousand.

As of now, bitcoin is above $57,000. Its market cap is less than $1.13 trillion and its dominance of the highs is below 51% in CG.

Bitcoin/Price/Chart 12.07.2024. Source: TradingView BONK Goes Down

Most of the altcoins had a similar run yesterday after the CPI numbers were released, but have calmed down and sat in a similar place to yesterday. ETH, BNB, SOL, DOGE, XRP and SHIB are slightly in the red, while LINK has poured over 3%.

In contrast, AVAX, TRX, TON, DOT and ADA are slightly in the green on the daily scale.

The biggest losers among mid-cap alternatives are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%) and STRK (-7%).

The total crypto market cap has lost some traction and is down to $2.220 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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