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Why crypto is down today – FOMC, CPI spur decline

June 12, 2024
in Bitcoin
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Why crypto is down today – FOMC, CPI spur decline
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  • The crypto market maintained its over $2 trillion capitalization.
  • Anticipation about the FOMC and CPI reports have contributed to the crypto decline.

The crypto market has experienced a massive decline in the last 24 hours, with millions of dollars wiped off the market capitalization.

The declines in Bitcoin [BTC] and Ethereum [ETH] have played a significant role in this downturn.

More specifically, the upcoming U.S. Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) reports have contributed largely to the decline of the two biggest crypto assets.

The reason why crypto is down today

AMBCrypto’s analysis of the crypto market capitalization on CoinMarketCap showed a significant decline in the last few days.

In the past 48 hours, the market cap has dropped from over $2.5 trillion to around $2.47 trillion as of this writing.

Also, the liquidation chart on Coinglass showed that crypto liquidations on the 11th of June were quite significant. The chart indicated that long positions experienced more liquidations than short ones as prices sharply declined. 

Cypto market liquidation

Source: Coinglass

Long liquidation volume was over $221 million, while the short liquidation volume was around $37 million.

Bitcoin, Ethereum lead market dip

Looking at Bitcoin on a daily timeframe showed, AMBCrypto saw that on the 11th of June, it declined by over 3%. The chart indicated that this drop decreased its price to around $67,377.

BTC’s liquidation chart revealed that this decline led to over $66 million in liquidation volume. 

Bitcoin price trend

Source: TradingView

Specifically, long liquidations accounted for over $52 million, while short liquidations were over $14 million.

See also  Arkham reports $20M hack of U.S. government-linked crypto wallet

Ethereum, in the same timeframe, showed an almost 4.6% decline as its price fell to around $3,500. The liquidation chart showed that over $69 million was liquidated due to the decline.

Of this, long liquidations accounted for around $62 million, while short liquidations were over $7 million.

Ethereum price trend

Source: TradingView

CPI and FOMC causing panic

Historically, when the Consumer Price Index (CPI) data is released or the Federal Open Market Committee (FOMC) adjusts interest rates, the crypto market often experiences significant fluctuations. 

This is because investors adjust their risk exposure in response to these economic indicators. Typically, a rise in CPI correlates with a drop in Bitcoin’s price.


Is your portfolio green? Check out the BTC Profit Calculator


Increases in essential goods reduce the amount of disposable income people have, leading to decreased investment in crypto. 

The FOMC is anticipated to maintain the current interest rates between 5.25% and 5.50%. Meanwhile, the CPI is expected to show a modest increase, staying within the range of 0.1% to 0.3%.

Next: Shiba Inu fans petition for a SHIB ETF: Will it be the next big thing?

READ ALSO

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  • The crypto market maintained its over $2 trillion capitalization.
  • Anticipation about the FOMC and CPI reports have contributed to the crypto decline.

The crypto market has experienced a massive decline in the last 24 hours, with millions of dollars wiped off the market capitalization.

The declines in Bitcoin [BTC] and Ethereum [ETH] have played a significant role in this downturn.

See also  Bitcoin sees sharp drop in direct ownership - ETF effect?

More specifically, the upcoming U.S. Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) reports have contributed largely to the decline of the two biggest crypto assets.

The reason why crypto is down today

AMBCrypto’s analysis of the crypto market capitalization on CoinMarketCap showed a significant decline in the last few days.

In the past 48 hours, the market cap has dropped from over $2.5 trillion to around $2.47 trillion as of this writing.

Also, the liquidation chart on Coinglass showed that crypto liquidations on the 11th of June were quite significant. The chart indicated that long positions experienced more liquidations than short ones as prices sharply declined. 

Cypto market liquidation

Source: Coinglass

Long liquidation volume was over $221 million, while the short liquidation volume was around $37 million.

Bitcoin, Ethereum lead market dip

Looking at Bitcoin on a daily timeframe showed, AMBCrypto saw that on the 11th of June, it declined by over 3%. The chart indicated that this drop decreased its price to around $67,377.

BTC’s liquidation chart revealed that this decline led to over $66 million in liquidation volume. 

Bitcoin price trend

Source: TradingView

Specifically, long liquidations accounted for over $52 million, while short liquidations were over $14 million.

Ethereum, in the same timeframe, showed an almost 4.6% decline as its price fell to around $3,500. The liquidation chart showed that over $69 million was liquidated due to the decline.

Of this, long liquidations accounted for around $62 million, while short liquidations were over $7 million.

Ethereum price trend

Source: TradingView

CPI and FOMC causing panic

Historically, when the Consumer Price Index (CPI) data is released or the Federal Open Market Committee (FOMC) adjusts interest rates, the crypto market often experiences significant fluctuations. 

See also  GBTC: Bitcoin ETF 'fees will come down,' Grayscale CEO confirms

This is because investors adjust their risk exposure in response to these economic indicators. Typically, a rise in CPI correlates with a drop in Bitcoin’s price.


Is your portfolio green? Check out the BTC Profit Calculator


Increases in essential goods reduce the amount of disposable income people have, leading to decreased investment in crypto. 

The FOMC is anticipated to maintain the current interest rates between 5.25% and 5.50%. Meanwhile, the CPI is expected to show a modest increase, staying within the range of 0.1% to 0.3%.

Next: Shiba Inu fans petition for a SHIB ETF: Will it be the next big thing?
Tags: CPICryptoDeclineFOMCspurToday

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