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BNB Recovers 5%, BTC Remains Calm at $26,000 After CPI Announcement (Market Watch)
Bitcoin price experienced a bit of a rollercoaster ride yesterday following the US CPI announcement, but ultimately settled down at around $26,000. Altcoins were more volatile, with BNB gaining 5% after the SEC's emergency request to freeze Binance.US's assets was rejected. BTC Goes Up and Down After increased volatility at the start and end of last week, Bitcoin had mostly settled at around $26,000, awaiting US CPI numbers for May. As the inflation rate in the world's largest economy actually fell slightly compared to last year, BTC continued to move north, reaching $26,400. This …
BNB Recovers 5%, BTC Remains Calm at $26,000 After CPI Announcement (Market Watch)
Bitcoin price experienced a bit of a rollercoaster ride yesterday following the US CPI announcement, but ultimately settled down at around $26,000.
Altcoins were more volatile, with BNB gaining 5% after the SEC's emergency request to freeze Binance.US's assets was rejected.
BTC goes up and down
After increased volatility at the start and end of last week, Bitcoin had mostly settled at around $26,000, awaiting US CPI numbers for May. As the inflation rate in the world's largest economy actually fell slightly compared to last year, BTC continued to move north, reaching $26,400.
However, this was short-lived as the cryptocurrency lost all of its immediate gains. Additionally, Bitcoin prices continued to decline, falling to $25,700 less than an hour after the CPI numbers were released.
At this point, the bulls increased and did not allow any further declines. They pushed BTC to $26,000, but the asset has not yet decisively overcome this level and is trading just below.
Nevertheless, its market cap remained above $500 billion and its dominance over altcoins is still over 47.5%.
BTCUSD. TradingView
BNB rises 5%, XRP falls 5%
Altcoins declined significantly following the SEC’s lawsuits against Binance and Coinbase. As expected, BNB was among the worst performers as the asset fell to a six-month low of $222 just a few days ago. However, BNB recovered in the following days and gained another 5% in the last 24 hours. This comes after a US judge rejected the SEC's emergency request to freeze all Binance.US assets.
In contrast, XRP has fallen by a similar percentage in the last 24 hours. However, it is still trading at just over $0.5. Cardano, Litecoin and Solana are also in the red on a daily basis.
ETH, DOGE, TRX, MATIC, DOT, AVAX and SHIB remained relatively quiet over the past day.
Overall, the crypto market cap has lost just over $5 billion in a day and stands at $1.155 trillion, according to CMC.
Overview of the cryptocurrency market. Quantify Crypto