The cryptocurrency market is experiencing a correction ahead of the publication of inflation data in the United States. 📉

The Consumer Price Index (CPI) report for June is expected to be released today at 08:30 ET (12:30 UTC). Most US banks and investment firms expect a moderate decline in inflation in the country - between 3% and 3.2%.

If inflation for June is around 3.1%, this will increase the likelihood of a Fed rate cut in September.

Global cryptocurrency market capital is down 1% over the past 24 hours to $2.24 trillion. Bitcoin fell 2% and is hovering around $57,900.

Declining inflation in the US could hint at bullish momentum for the entire crypto sector and vice versa.