Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin fell over 4% to around $58,000, leading to a broader market drop where other major cryptocurrencies like Ether, Solana, Cardano, BNB Chain, and XRP fared slightly better, with losses ranging from 2.5% to 3.8%.
Despite the NASDAQ and S&P 500 reversing an early sell-off and ending the day in the green, BTC continued its sell-off after the CPI print. Crypto prices have been"highly sensitive" to U.S. economic data in recent months, as per K33 Research, and tend to move as investors prefer stability over riskier assets.
“A new sell-off momentum is still the prevailing scenario, with a potential pullback to $55K,” Alex Kuptsikevich, the FxPro senior market analyst, shared in a Thursday note. “Data supporting the Fed's imminent easing of monetary policy may encourage the bulls to overcome the short-term downtrend and give the green light to rise to $66K.”
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