The crypto market fell on Tuesday ahead of a US inflation report for June that is feared to show that consumer prices have continued to rise at a faster pace despite interest rate hikes. Meanwhile, more on-chain signs are now indicating that a bottom for bitcoin (BTC) could be about to form.
As of Tuesday at 11:20 UTC, bitcoin stood at USD 19,672, down 4% for the day and 3% for the week, after falling below the key USD 20,000 level in early European trading. At the same time, ethereum (ETH) traded at USD 1,065, down 7% for the day and 8% for the week.
The moves happened ahead of the release of June inflation figures in the US on Wednesday, with expectations being that inflation will have increased even further from 8.6% annually in May.
Fears that inflation will come in higher increased on Monday, when White House spokesperson Karine Jean-Pierre said she expects inflation to be “highly elevated.” According to a Bloomberg estimate, the headline inflation number for June is expected...
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