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US CPI, Japan Bond Crisis Triggers Crypto Market Volatility Today
Ahead of the release of June’s Consumer Price Index (CPI) report, the crypto market is experiencing increased volatility, with Bitcoin plummeting by 5% from its record high of $123,000 to currently trade at $116,748. This decline is attributed to long-term holders and dormant whales cashing out their profits.
The recent surge in Bitcoin’s value has led to liquidations across the broader crypto market reaching a staggering $600 million, while altcoins have seen similar declines, dropping by 3-5% in value.
The impending release of the US CPI data is expected to show a monthly rise of 0.3%, with annual inflation projected to reach approximately 2.7%. Core inflation is forecasted to climb at around 3.0%, marking its fastest pace since February.
Notably, Japan’s bond market is grappling with crisis conditions as the 30-year government bond yield reached an all-time high of 3.20% on Tuesday.
Source: www.coinspeaker.com
