Bitcoin (BTC) is trading at $108,544, marking a modest drop of around 1.3% from the previous close. The intraday range shows some volatility, with highs near $111,106 and lows around $107,492.
Ethereum (ETH) sits at approximately $4,388, up about 0.8%. It fluctuated between $4,423 and $4,267 during the day.
Important Crypto Headlines Today
Bitcoin is under pressure, slipping further below the $109K mark—a downside shift partly attributed to sentiment influenced by the U.S. Bitcoin Conference.
Ethereum sees major demand, with Tom Lee and BitMine purchasing a staggering $355 million worth of ETH, signaling renewed bullish interest in the token.
XRP traders are bullish, as a textbook “bullish retest” around the $3.20 level is fueling hopes for a rebound towards $3.60. Quick Insights
Category Key Point
Bitcoin Selling pressure persists, keeping it below $109K—possibly tied to macro events around the U.S. Bitcoin Conference. Ethereum Institutional interest is strong, backed by high-value ETH purchases—a bullish signal for the short to medium term. XRP Chart patterns suggest potential for a rally if support continues holding at current levels.
Visual Aid
Here’s a snapshot illustrating broader market dynamics:
Total market cap: around $3.79 trillion, down roughly 1.9% over the past day.
24h trading volume: ≈$333 billion, a drop of nearly 12%.
Dominance: Bitcoin remains dominant at ~56.9%, while Ethereum holds ~13.9% of the market.
What It All Means
Bitcoin faces correction pressure—but if broader crypto-friendly developments or macro tailwinds emerge, it could find support.
Ethereum appears resilient, with strong institutional accumulation possibly boosting sentiment.
Altcoins like XRP may benefit from renewed technical optimism, and remain worth watching for short-term opportunities.
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Here’s a visual snapshot showing how the crypto market reacted following the release of the June U.S. Consumer Price Index (CPI)—note the price dip just after the inflation data was revealed.
CPIWatch Crypto Update
Market Reaction to Latest CPI Data
June's CPI came in hotter than anticipated, rising 0.3% month-over-month and 2.7% year-over-year, up from May’s 2.4% .
Core CPI (excluding food and energy) also ticked up by 0.2% MoM to 2.9% YoY, indicating inflationary pressures remained stubbornly high .
The immediate effect? Cryptocurrencies sold off sharply, as investors reassessed the likelihood of a Federal Reserve interest-rate cut .
Bitcoin dipped approximately 6% from its recent all-time high of ~$123K, trading around $116K at press time .
Trader Sentiment & Positioning
According to QCP Group, if CPI remains softer-than-expected, it may cement odds of a September Fed rate cut. Conversely, hotter inflation could stall the rally .
Reflecting this uncertainty, there's significant hedging activity in Bitcoin options, particularly short-dated puts with strike prices between $115K–$118K—indicating traders are preparing for potential downside risks .
Summary Table: Crypto’s CPI-Driven Moves
FactorInsightJune CPI resultHotter than expected (0.3% MoM, 2.7% YoY)Crypto impactSharp drop, Bitcoin ~6% off highsFed expectationsCooler CPI could reinforce September rate-cut betsHedging activityElevated demand for $115K–$118K Bitcoin puts
What to Watch Next
Upcoming data releases like the Producer Price Index (PPI) will likely drive further volatility and influence crypto sentiment.
Options market behavior—especially around $115K–$118K—will be key to understanding traders' risk appetite and expectations.