Crypto Market Slumps Ahead of Inflation Data Releases
The cryptocurrency market is experiencing a slump ahead of several major macroeconomic events scheduled for this week. Bitcoin's price has dipped to $78,000 after being rejected at $80,000 earlier in the week.
Altcoins such as BNB, DOGE, XLM, and LINK have also suffered significant losses, with some falling by as much as 26% in a single day. PONS, in particular, has plunged by over 26% to under $0.60.
The market cap of all crypto assets has declined by over 2% in the past day, and it now stands at $2.660 trillion on CMC. Ethereum is one of the few exceptions, having dipped by only 1.5% to under $2,500.
The US PPI data will be released later today, followed by the CPI data tomorrow. These events are likely to have a significant impact on the market's performance in the coming days.