{"id":535300,"date":"2024-06-12T09:48:07","date_gmt":"2024-06-12T09:48:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=535300"},"modified":"2024-06-12T09:48:07","modified_gmt":"2024-06-12T09:48:07","slug":"bitcoin-drops-as-crypto-markets-brace-for-us-cpi-data-fomc-meeting-on-frantic-macro-wednesday","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-drops-as-crypto-markets-brace-for-us-cpi-data-fomc-meeting-on-frantic-macro-wednesday","title":{"rendered":"Bitcoin Drops As Crypto Markets Brace For US CPI Data, FOMC Meeting On ”Frantic Macro-Wednesday”"},"content":{"rendered":"

Bitcoin fell as traders braced for Wednesday’s US inflation data and an FOMC meeting that will be pivotal for the outlook for crypto assets.  <\/span><\/p>\n

”The stage is set for a frantic macro-Wednesday, with both May CPI data and the Fed’s interest rate decision poised to move the market,” said K33 Research in a June 11 note.<\/p>\n

Crypto Market Turns Red Ahead Of FOMC Meeting, CPI Data<\/h2>\n

BTC is trading down a fraction of a percent at $67,471 at 5:16 a.m. EST on trading volume that dropped more than 4% to $29.4 billion. The crypto industry’s market cap is also down 0.3% at $2.45 trillion amid a lull before macro Wednesday gets underway in the US.<\/span><\/p>\n

Six of the other top-ten largest cryptos by market cap also dropped with the remainder showing anemic gains amid anxiety <\/span>about the CPI data and the Federal Open Market Committee (FOMC) meeting to discuss interest rates. <\/span><\/p>\n

The Ethereum (ETH) price dropped to a three-week low of $3,448, bringing its weekly decline to 7.4%. BNB (BNB), Solana (SOL), and Dogecoin (DOGE) have also seen double-digit dips this week. <\/span><\/p>\n

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It’s a big week for the markets, as tomorrow the markets will receive the new CPI data & interest rate decisions from the FOMC.#Bitcoin<\/a> and crypto almost always correct before the event, and return upwards after.<\/p>\n

In the previous months, the same price action took place.<\/p>\n

— Michaël van de Poppe (@CryptoMichNL) June 11, 2024<\/a><\/p><\/blockquote>\n