Bitcoin (BTC) Slumps After CPI Pump, BONK Goes Down

Bitcoin Price Today

Bitcoin (BTC) had an interesting week, starting off with a dump to multi-month lows and ending with a pump and dump from the US CPI numbers. The asset began last Friday at around $54,500 and dropped to a low of $53,750 (on Binance).

This marked the lowest price point since mid-December, but BTC bounced off quickly and pumped above $58,000 by the weekend. However, that was short-lived, and in a matter of hours, the bears returned and pushed it south once again.

The start of the business week was more volatile again, with another pump and dump around $58,000 and $55,000. Later on during the week, BTC tried to exceed $59,000 but failed at its first attempt.

However, the US CPI numbers (yesterday) came back to be better than expected. This resulted in an immediate price surge to a multi-day peak of $59,500. Once again, though, the bears came out of the woods and propelled another leg down, which drove BTC south by more than two grand.

As of now, bitcoin stands inches above $57,000. Its market cap is under $1.130 trillion, and its dominance over the alts is below 51% on CoinGecko.

BTC Dropped Hard After CPI Pump

Most altcoins went on a similar ride yesterday after the CPI numbers came out, but have calmed and sit on a similar spot as yesterday.

ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly in the red, while LINK has dumped by more than 3%.

In contrast, AVAX, TRX, TON, DOT, and ADA are slightly in the green on a daily scale.

The biggest losers from the mid-cap alts are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).

The total crypto market cap has lost some traction and is down to $2.220 trillion.