Crypto Market Holds Steady Amid Softer PPI Inflation

The cryptocurrency market held steady on Thursday despite softer-than-expected producer inflation data. Bitcoin's attempt to break above $64,000 failed, sending it below $63,000 with a significant drop in 24-hour volume.

Ethereum wobbled within the $1,861-$1,898 range, while XRP and Dogecoin posted modest gains. Nearly $212 million was liquidated from the market in the last 24 hours, but long and short liquidations were broadly balanced.

The global cryptocurrency market capitalization stood at $2.17 trillion, a decline of 0.47% from the previous day. Stocks, on the other hand, rallied sharply on Thursday, with the Dow Jones Industrial Average rising 0.13%, or 69.72 points, to end at 53,839.99.

CryptoQuant highlighted Bitcoin's rejection at the Trader On-chain Realized Price of $65,600, a level that has consistently capped price rebounds in recent months. Santiment noted rising social mentions of 'dead,' 'dying,' and 'over' tied to cryptocurrency, indicating retail patience is breaking.