Crypto Market Update: Bitcoin at Crossroads Amid Macro Conditions
Bitcoin is holding its $30K line in the sand as it kicks off a new week. However, it’s not a day at the beach for investors. There’s agitation over the prospects of an even tighter money supply after sixteen months of risk-doubting rate hikes. All eyes turn to the June Consumer Price Index (CPI) report, which drops on Wednesday. Economists expect a 3.1% increase in prices for the 12-month period ending at the end of June. That’d be a cooling compared to May’s CPI print, which saw a 4% year-over-year increase.
The Fed is lifting rates again later this month, likely by 25 basis points, per widespread consensus. While the largest crypto is flat over 24 hours, BTC did momentarily green up over one hour as 9 a.m. (EST) approached. BTC remains down 1.2% in the past week. Most large digital assets have declined 2%-5% during this span.
Bitcoin Price Today
According to CoinCodex, Bitcoin is trading at $30,458 after seeing a 1.25% gain in the last 24 hours. The total cryptocurrency market cap is currently $1.20 trillion, after a 1.44% increase on the day. The total crypto trading volume increased by 1.44% in the same time frame.
The global crypto market has seen some fluctuations recently, with bears dominating the market today as 74% of coins lost value in the last 24 hours. Among Big Ten assets, Solana is solo in terms of weekly greenness, with SOL gaining 7% in seven days.
In summary, Bitcoin is holding its ground amid macroeconomic conditions and uncertainty in the market, while other cryptocurrencies are seeing fluctuations.
| Rank | Gainers | Price | 24h Change |
|---|---|---|---|
| 1 | Compound | $66.95 | +12.86% |
| 2 | Wrapped Bitcoin | $30,620.60 | +11.62% |
| 3 | Aave | $74.27 | +5.45% |
Aave, Bitcoin, Compound, Crypto market, Cryptocurrencies, Ethereum