Bitcoin (BTC) Price Settles at $67.5K After CPI and FOMC-Induced Volatility (Market Watch)

The NFT Unicorn Bitcoin_Stall_MW-1 Bitcoin (BTC) Price Settles at $67.5K After CPI and FOMC-Induced Volatility (Market Watch) Crypto News

Bitcoin went on a real rollercoaster in the past few days in anticipation of the US CPI numbers and the subsequent FOMC meeting.

The altcoins went on a similar ride, but now that the dust has settled, TON has emerged as today’s top performer, followed by FET and KAS.

BTC’s Volatile Ride

The primary cryptocurrency had a quiet weekend in which it stood primarily around $69,500. Monday began on a more positive note as the asset flew past $70,000 but just briefly.

The bears were quick to intercept the move and pushed the asset south. This culminated in a price drop to a multi-day low of $66,000 on Tuesday amid growing outflows from the ETFs as anticipation built for the economic developments in the States.

Wednesday was even more eventful as the US announced better-than-expected CPI data for May, which sent BTC flying to $70,000 once again. However, the Fed refused to cut the key interest rates, and BTC’s price tumbled back down to $67,000.

As of now, the cryptocurrency trades above $67,500, with its market cap climbing back to $1.330 trillion. Its dominance over the alts stands tall at 51.5% on CG.

Bitcoin/Price/Chart 13.06.2024. Source: TradingView

TON on the Rise, Meme Coins Not

After experiencing massive price fluctuations as well mid-week, most altcoins have stalled on a daily scale. ETH, BNB, TRX, and SHIB are slightly in the red, while SOL, XRP, ADA, AVAX, LINK, and DOT are with minor gains.

Toncoin has emerged as today’s top performer from the larger-cap alts. TON has soared by almost 8% in a day and stands close to $7.7. KAS (6%) and FET (5%) follow suit.

In contrast, most meme coins are in the red. BRETT has dumped by 10%, FLOKI by 8.5%, BONK by 5%< and WIF by 4%. PEPE has lost 3% of its value and sits below $0.000013.

The total crypto market cap has also calmed at just under $2.6 trillion on CG.

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Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.

Source: CryptoPotato