Markets
PEPE Explodes 10% Daily, BTC Faces Massive Volatility Ahead of FOMC Meeting (Market Watch)
Bitcoin price movements were once again heavily influenced by major economic developments on the US front, as they fell from over $70,000 to $66,000 ahead of US CPI data and the latest FOMC meeting.
Altcoins have also faced massive volatility lately, but PEPE emerged as the top dog with a 10% rise.
BTC prepares for US developments
The leading cryptocurrency experienced a violent end last week, falling from $72,000 to below $68,600 in a matter of hours. The weekend was much less eventful as the asset recovered some ground and settled at just over $69,000.
The landscape took a more positive turn on Monday when bitcoin surged again just over $70,000. However, the END of the BTC ETF’s impressive streak of spot inflows has led to more pain for the underlying asset, which tumbled around $68,000 on Tuesday.
Another price drop followed over the past 12 hours, taking BTC to its lowest position since May 20, at $66,000. This happened in the middle fears on US CPI data and the upcoming FOMC meeting, both of which are scheduled to take place today.
Bitcoin was able to rebound and is currently trading above $67,000. However, greater volatility is expected during the day following these two US developments.
For now, BTC’s market cap sits below $1.330 trillion, while its dominance over alts is 51.5%.
Bitcoin/Price/Chart 06/12/2024. Source: TradingView
PEPE defies the general trend
Most larger-cap alternative stocks have been quite slow over the past 24 hours after losing a lot of value yesterday. ETH, SOL, XRP, DOGE, ADA, SHIB, AVAX, LINK and TRX are still slightly in the red.
In contrast, TON jumped 3%, while KAS added just over 4% over the past day.
PEPE has become the best performer in this cohort of assets. The meme coin is up 10% and now stands above $0.000013.
On the other hand, FET dumped more than 8%, followed by AR (-5%), IMX (-4%) and FIL (-4%).
The total crypto market cap has lost even more value and now sits below $2.6 trillion.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency Charts by TradingView.