Key facts
- Bitcoin traded below $63,000 on Thursday.
- The U.S. Consumer Price Index increased 4% in the 12 months through May.
- Bitcoin was trading at $62,740.
- Ethereum traded at $1,656.
- The global crypto market capitalization rose 2% to $2.15 trillion.
Bitcoin traded below the $63,000 mark on Thursday, despite the latest U.S. Consumer Price Index (CPI) data coming in line with expectations. The CPI increased 4% in the 12 months through May, marking the largest gain since April 2023, according to the Labor Department's Bureau of Labor Statistics. The cryptocurrency was trading at $62,740.
In the preceding 24 hours, both Bitcoin and Ethereum saw a 2% increase, with Ethereum trading at $1,656. Among other major altcoins, BNB, XRP, Solana, Tron, Dogecoin, and Cardano gained up to 3%, while Hyperliquid fell by 2%.
Akshat Siddhant, Lead quant analyst at Mudrex, noted that Bitcoin remains range-bound between $60,500 and $62,500, struggling to build momentum despite the CPI data. He stated that while the inflation print reduced concerns about a more aggressive Federal Reserve stance and improved risk sentiment, it was not sufficient to trigger a sustained rally.
The global crypto market capitalization rose by 2% to $2.15 trillion, according to CoinMarketCap. Despite a minor recovery, overall market sentiment continues to be characterized by extreme fear, as indicated by the CoinDCX Research Team.