Crypto Market Sees Volatility Ahead of Inflation Report
The cryptocurrency market saw some volatility on Tuesday as Bitcoin hovered within a narrow range, while Ethereum and Dogecoin rose. The global crypto market capitalization dipped 1.15% to $2.19 trillion in the last 24 hours.
Bitcoin's price fluctuated between $63,100 and $64,400, with its 24-hour trading volume decreasing. Meanwhile, Ethereum also experienced a dip in trading volume, but XRP and Dogecoin closed higher than the previous day.
Michaël van de Poppe, a well-known cryptocurrency analyst and trader, believes that if consumer inflation figures come in better than expected on Wednesday, Bitcoin's price will likely rise. The July consumer price report is scheduled for tomorrow, and Van de Poppe notes that Bitcoin tends to dip before CPI releases.
Over $170 million was liquidated from the market in the last 24 hours, with long position traders bearing the brunt of the losses. The Crypto Fear & Greed Index also showed high 'fear' sentiment in the market.