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Crypto markets dip as inflation data looms, Bitcoin holds firm above $60,500

Author: Content Editor
The total market cap of cryptocurrencies has fallen by over 3%, reaching $2.2 trillion, as investors await the upcoming US inflation report. Bitcoin prices have remained relatively stable above $60,500, while Ethereum has experienced a 2% loss and currently sits around $2,400. The US dollar has strengthened ahead of the inflation report. Several cryptocurrencies, including Aptos, Near Protocol, dogwifhat, and Optimism, have seen significant declines in the past 24 hours. The upcoming CPI data is expected to show a modest increase, but any deviation from expectations could lead to increased market volatility and influence Federal Reserve rate decisions. The Fed's latest decision to lower interest rates by 50 basis points suggests a response to worsening labor conditions rather than inflation concerns. Analysts note that the Fed's focus on the labor market's health may reduce the market impact of inflation data, although some volatility could still be expected.

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