Trading around $61.8k, BTC (1.1%) was unable to sustain the gains from the day before and faced downward pressure in the last 24 hours. The overall crypto market is also down by 1.4%, with many attributing it to April’s higher-than-expected wholesale inflation data. The market dip also triggered $144 million in liquidations in the last 24 hours, including $114 million in long liquidations.
We can expect further volatility in the market ahead of the US CPI (Consumer Price Index) data. The CPI data that will be released today is expected to increase by 3.4% Y-o-Y in April, compared to 3.5% in March.
In the US, the state of Wisconsin became the first state to disclose the purchase of Bitcoin after it highlighted the purchase of over 94k shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter of the year. The markets reacted positively to this development, but the narrative soon shifted to the expected inflation data.
