Bitcoin Price Falls Following CPI Surge, BONK Declines 11% In Daily Trading

Bitcoin's price surged close to $60,000 following the release of CPI data, but quickly lost momentum, dropping by over $2,000.

Most alternative cryptocurrencies also showed sluggish movement. However, several notable coins including BONK, RNDR, BRETT, PEPE, and WIF saw significant losses.

BTC Slumps After CPI Surge

The leading cryptocurrency plummeted to below $54,000 last Friday, hitting a multi-month low.

It rebounded over the weekend, briefly surpassing $58,000 before another downturn.

The start of the new week brought more volatility, with BTC briefly spiking to around $59,000 but failing to maintain the level.

The latest US CPI data yesterday showed stronger-than-expected figures, causing a rapid climb to a multi-day peak of $59,500.

Yet, bearish sentiment quickly resumed, pushing BTC down by more than $2,000.

As of now, bitcoin is trading just above $57,000, with a market cap below $1.130 trillion and dominance over altcoins below 51% on CoinGecko.

BONK Decline

Following the CPI release, most altcoins experienced similar volatility but have since stabilized around previous levels.

ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly down, while LINK has seen a more significant decline of over 3%.

Conversely, AVAX, TRX, TON, DOT, and ADA have shown slight gains on a daily basis.

Among mid-cap altcoins, the biggest losers include BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).

The total crypto market cap has decreased to $2.220 trillion.

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