Bitcoin Slips Below $78K Ahead of US PPI Data Release
The cryptocurrency market has been experiencing significant fluctuations in recent days, with Bitcoin (BTC) slipping below $78,000. This price drop comes ahead of the first US inflation data release, which is expected to have a major impact on the market.
Just hours before the PPI data release, BTC had already declined to around $78,800 after being rejected at $80,000 earlier in the week. The altcoins have also been affected, with many experiencing significant losses, including BNB, DOGE, XLM, LINK, and UNI.
Ethereum (ETH) has been relatively stable during this correction period, dipping by only 1.5% to under $2,500. However, other altcoins such as PONS have seen major losses, plummeting by over 26% to under $0.60. DASH and LIT also suffered significant declines.
The cumulative market cap of all crypto assets has decreased by over 2% in the past day, standing at $2.660 trillion on CMC. With several key economic data releases scheduled for this week, including the CPI data, it is likely that the market will continue to be volatile.