Recent reports show that the cryptocurrency market, including Bitcoin and major altcoins, has undergone a decline as traders take profit.

* This adjustment is partly due to investors being cautious ahead of the release of U.S. CPI data. The market expects this data to provide further clues about the Federal Reserve's future interest rate decisions.

* Analysts suggest that a lower-than-expected CPI could reignite the upward momentum by increasing expectations of interest rate cuts by the end of the year. Conversely, a higher-than-expected figure could strengthen the dollar and put downward pressure on cryptocurrency prices.