Bitcoin (BTC) Market in Trading Range of Uncertainty, Could Move Quickly Up or Down with New Economic Data Today
- WBOYOriginal
- 2024-07-18 17:49:01285browse
The crypto market is slightly elevated today, trading only marginally higher than it did yesterday , and this could be due to anticipation from the incoming
Bitcoin (BTC) is hardly moving today , up by just 0.56% over the last 24 hours, and now trades at $58,782 (BTC/USD). The coin has been trending down for the last few weeks but has stayed mostly bullish since Monday.
The crypto market is seeing only marginal gains today , up by 0.1% over the last 24 hours. The total crypto market cap now stands at $2.54 trillion.
We are now waiting on new economic data from the United States, which will be coming in throughout the day. This will include the US Consumer Price Index, which is expected to be up for the month but down for the year. We will also see the unemployment claims data, which is expected to show a decrease in claims.
Later on, we will hear from Musalem and Bostic from the FOMC as they speak on the economy and when we might see interest rate cuts. The market is anticipating a slightly positive showing from these economic reports, with an ease of inflation as sales and the job market improves.
Bitcoin has seen some instability lately, being pulled down by Mt. Gox exchange payouts and asset dumping from the U.S. and German governments. Both governments have seized millions of dollars in Bitcoin, which has been put into wallets and back into circulation, resulting in a lowering of Bitcoin’s value.
Despite these efforts, Bitcoin is still up by 0.5% over the last seven days and has gained over 56% year-to-date. The coin could definitely get a boost today, which might be enough to send it back above the $60K level and heading toward $70K. Bitcoin still has to contend with the asset dumping that may continue over the next few weeks, though.
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