The post Crypto markets dip as inflation data looms, Bitcoin holds firm above $60,500 appeared on BitcoinEthereumNews.com.

Key Takeaways Bitcoin and Ether prices fall as the US dollar strengthens ahead of inflation data. The Fed may shift its focus toward supporting the labor market instead of prioritizing inflation control. The total crypto market cap fell over 3% to $2.2 trillion in the last 24 hours as investors await the upcoming US inflation report, scheduled for less than two hours, according to CoinGecko data. Bitcoin prices, however, held firm above the $60,500 level in the hours leading up to the key event. Bitcoin experienced a volatile day on Wednesday, dipping below $62,000 before recovering to trade at around $60,800 at the time of writing, per CoinGecko. Similar to Bitcoin, Ethereum registered over 2% loss in the past 24 hours, currently hovering around the $2,400 mark with further declines in sight. Unlike volatile Bitcoin and Ethereum prices, the US dollar strengthened ahead of the September CPI report. Bearish sentiment is prevailing in the crypto market, with Aptos (APT), Near Protocol (NEAR), dogwifhat (WIF), and Optimism (OP) among the hardest-hit assets in the past 24 hours. APT was down 9.5% while NEAR, WIF and OP each fell by 6%. The upcoming CPI data is projected to show a 2.3% increase year-on-year, down from 2.5% in August 2024. The CPI is anticipated to rise by 0.1% month-on-month, while the core CPI, which excludes food and energy prices, is expected to increase by 0.2%. A deviation from the expected inflation report could lead to increased market volatility and influence Fed rate decisions. If the report shows inflation rising more than anticipated, it could lead to concerns about the Fed needing to adjust interest rates, thereby increasing volatility across financial markets. While the Fed’s monetary policy is influenced by inflation data, its latest decision, which lowered interest rates by 50 basis points, indicates…

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Filed under: News - @ October 10, 2024 11:23 am