Crypto Price Today: Bitcoin Breaks Above $30,600 Ahead of US Inflation Data

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Cryptocurrency markets were mostly trading higher on Wednesday ahead of key U.S. inflation data due later in the day.

Bitcoin (BTC) rose 0.70% to $30,667, while Ethereum (ETH) was above the 1850 level. BTC volume was around $11.75 billion, down 20% in the past 24 hours.

“Bitcoin surged above $31,000, backed by a bullish forecast from British bank Standard Chartered predicting that bitcoin will reach $50,000 by the end of 2023 and $120,000 by the end of 2024. However, it fell back to $30,350 as the June US Consumer Price Index (CPI) and Producer Price Index (PPI) will be released this week, bringing inflation data back into the spotlight” , said the CoinDCX research team.

Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said, “The consensus CPI forecast (YoY) this time is 3.1% – down from the previous reading of 4%. A weaker than expected reading can give the broader market an upward push. , however, it looks like the market isn’t as worried in case the reading turns out to be above 3.1%.”

Other top crypto tokens were also trading higher. BNB, Polygon, Cardano, Dogecoin and Solana were also trading higher. The global cryptocurrency market capitalization was trading higher around $1.19 trillion, up 0.51% in the past 24 hours. Total DeFi volume is currently $2.03 billion, or 8% of the total 24-hour crypto market volume. The volume of all stablecoins is now $24.17 billion, or 91% of the total 24-hour crypto market volume. The market capitalization of Bitcoin, the largest cryptocurrency in the world, was around $596 billion. Bitcoin dominance is currently at 49.96%, an increase of 0.08% on the day, according to CoinMarketCap. “Bitcoin briefly broke above the US$31,000 level and consolidated at the US$30,600 level ahead of the June inflation data release and the weakening of the US Dollar. BTC price is holding the key support zone at $30,000. If BTC can establish itself above the current bar, it could start a new short-term increase,” said Edul Patel, co-founder and CEO of Mudrex.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11:56 am, IST July 12, 2023)

Bitcoin $30,667 0.70% Ethereum $1,884 0.16% Tether $1 0.01% BNB $249 0.88% XRP $0.4754 -0.15% Cardano $0.2936 1.11% Dogecoin $0.06539 0.18% Solana $22.06 0.27% Polygon $0 0.7411 -0.25%Litecoin $96.78 -0.72%Polkadot $5.24 1.95%Tron 0, 07734 $0.02%Shiba Inu $0.000007562 -0.25%

(Note: price change in the last 24 hours)

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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