The cryptocurrency markets were trading in the red on Tuesday ahead of US inflation data. Bitcoin (BTC) declined 2.14% to $27,580 and Ethereum (ETH) was below the $1,850 level.
BTC volume stood at approximately $17.73 billion, rising 32.6% in the last 24 hours.
"Bitcoin (BTC) has dropped 7% since Saturday as reports of network congestion and pausing of BTC withdrawals subsequently by Binance has led to market speculation. However, price action continues to demonstrate strong consolidation as we anticipate a rebound later this week. US CPI inflation data will be key to holding this market structure," Vikram Subburaj, CEO of Giottus Crypto Platform, said.
