Crypto markets whipsaw over encouraging inflation numbers

June 13, 2024
James Bowater

THERE'S significant market churn following the latest US inflation numbers released yesterday. Bitcoin's price dropped from around $70k on Tuesday to approximately $66k before the Consumer Price Index (CPI) data release.

The price briefly rebounded to previous levels following the encouraging announcement but dipped again to $67k early this morning, highlighting ongoing volatility.

Ethereum is trading at roughly $3,500, while other cryptocurrencies like Cardano, Polkadot, and Uniswap have posted overnight returns between 1% and 4%. 

The 24-hour price fluctuations don't fully capture the week's events, but the seven-day trend shows significant price drawdowns from recent volatility, with many cryptocurrencies deeply in the red. 

In the Markets

Total crypto market cap

$2.46 trillion (+0.37%)

What Bitcoin did yesterday

Daily high $69,990 |  Daily low $66,911

Bitcoin market capitalisation

$1.33 trillion (+0.4%)

Bitcoin volume

$36 billion (+18.4%)

CoinDesk Large Cap Select Index 


The CoinDesk Large Cap Select Index (DLCS) measures the market cap weighted performance of some of the largest cryptocurrencies and gives a general indication of the overall performance of the crypto market. 



Fear and Greed Index

58 (Greed) 

The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

Bitcoin’s market dominance


The Bitcoin Market Dominance indicator measures the percentage of total cryptocurrency market capitalisation represented by Bitcoin at a given time.

Bitcoin Relative Strength Index (RSI)


Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

Post Script…

Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.