Crypto market cap surpasses the $2.5t mark following CPI data

Bitcoin Market Update:

The global cryptocurrency market cap surged following the release of the US Consumer Price Index report. Bitcoin and top altcoins saw significant gains as a result. Bitcoin’s market cap exceeded $1.3 trillion, with a daily trading volume of over $43.3 billion. Whale transactions worth at least $100,000 in Bitcoin increased by 33.8% in a day, signaling potential high price volatility.

Bitcoin Price Movement:

Bitcoin gained 6.7% in 24 hours, reaching $65,980 and briefly touching $66,000. The Relative Strength Index (RSI) for Bitcoin rose from 53 to 70, indicating overvaluation. Increased whale activity and heightened trading volume suggest possible sudden price movements and volatility in the market.

Cryptocurrency Market Momentum:

Following the CPI report, the global cryptocurrency market cap rose by 5.7% in the past 24 hours, reaching $2.51 trillion. The daily trading volume surpassed $100 billion, showcasing the market’s upward momentum. With Bitcoin leading the charge, the crypto market is poised for further growth and increased activity.

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