Cryptocurrency prices on June 11: Bitcoin falls below $68K ahead of US CPI data

Major cryptocurrencies saw a drop on Tuesday as investors prepared for the Federal Reserve's policy decision and awaited consumer price inflation data due on Wednesday.

At 12:43 pm IST, Bitcoin was trading 2.3% lower at $67,770, while Ethereum fell 3.5% to $3,538. At the same time, the world cryptocurrency The market capitalization also saw a decrease of 2.7%, hovering around $2.46 trillion in the last 24 hours.

"The cryptocurrency market continued its downward trend over the past 24 hours, marking this week as critical and highly volatile due to the upcoming FOMC meetings and US CPI and PPI announcements," the report noted. CoinDCX research team.

Meanwhile, Vikram Subburaj, CEO of Giottus, said: "Bitcoin has fallen below $68,000 after breaking out of a horizontal wedge pattern. Friday's better-than-expected US jobs data has dampened hopes of a US interest rate cut in September. The price of Bitcoin Stocks can be influenced by a carry trade strategy, in which institutions buy ETFs in cash and at the same time sell their futures short. to benefit from price differences.Also read: Why cryptocurrencies are an asset class that can't be ignored?In addition to Bitcoin, altcoins and meme coins such as BNB (4%), Solana (2.8%), XRP (1.9%), Dogecoin (2.2%), Shiba Inu (2.4%) and Chainlink (2.9%) reflected the downward trajectory. The volume of all stablecoins is now $82.35 billion, representing 97.24% of the total 24-hour volume of the crypto market, according to CoinMarketCap. In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, fell to $1.333 trillion. Bitcoin dominance is currently 54.27%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 94.13% to $29.5 billion.

Edul Patel, CEO of Mudrex, said: "Bitcoin is currently consolidating around the $68,000 level following the recent sell-offs. The bears are attempting to push the price below $68,000, but the bulls may also engage in heavy buying at this level. "The next support level for BTC is at $67,400, while resistance is at $68,600."

Meanwhile, the CoinDCX research team observed: “Technically, the trend is bearish on the lower time frame, but on the higher time frame, it is still bullish.”

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)