Crypto Market Seeks Narrative as Bitcoin and Ethereum Show Mixed Trends

Written by BTSE

May 11, 2023

Crypto Market Analysis

Trending Tokens on BTSE:

(as of  7:00 AM UTC, May 11, 2023) 

 

The crypto market experienced significant price fluctuations, with Bitcoin and Ethereum initially rising following a lower-than-expected U.S. Consumer Price Index report, before Bitcoin’s price plummeted amid rumors that the U.S. government was selling $324 million in Bitcoin. The crypto assets rebounded later in the day, suggesting their resilience. 

The market remains cautious as investors seek catalysts to drive Bitcoin’s price from its current $25,000-$30,000 range, and upcoming economic data, such as U.S. jobless claims and the producer price index, could have a significant impact on the crypto and other asset markets. Despite the roller coaster ride, Bitcoin and Ethereum started their day in Asia about where they began yesterday.

 

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