PI’s highly volatile rollercoaster ride continues, this time in the opposite direction.
Bitcoin’s price was positively impacted by the lower-than-expected US CPI numbers for June and pumped to a three-week peak of $65,000 before it was stopped.
Most altcoins have turned green as well, with ETH climbing toward $1,900. ZEC, CC, LINK, and HYPE have marked big gains daily.
BTC Flies After CPI Numbers
After the intense volatility experienced at the start of the previous business week following Strategy’s biggest BTC sale to date and the broken ceasefire between the US and Iran, bitcoin began its gradual recovery on Wednesday from a then-low at $61,600. The bulls managed to help it rebound to $64,000 during the weekend, where it spent most of its time trading sideways.
However, the quickly intensifying and worsening situation in the Middle East took its toll on Monday morning, and the asset fell below $62,000 once again. All eyes then turned to the US CPI numbers for June, which were scheduled to be announced on Tuesday.
The general expectations showed a significant decline from the May record, but the actual data was even lower, with just a 3.5% increase. Although this number might be more misleading than it sounds, BTC’s price reacted with an immediate surge to just over $65,000 earlier today, which became a three-week peak.
It has retreated to $64,500 as of press time, but its market cap has climbed to almost $1.3 trillion. Its dominance over the alts remains stagnant at 56.7% on CG.
PI Finally Bounces
Pi Network’s native token was the poorest performer over the past couple of days, charting consecutive all-time lows. The latest came yesterday morning at just over $0.07. However, that key support provided the necessary assistance for the asset to bounce hard in the past day. PI now stands with a major 16% daily surge and trades above $0.085.
PUMP is the other double-digit gainer, surging by 14% to $0.0166. ZEC has risen the most from the larger caps, adding 9% of value and trading above $550. CC follows suit, while LINK and HYPE are up by around 5% each.
Ethereum has also posted a similar gain, and now trades above $1,870. BNB, XRP, SOL, and RAIN have marked more modest gains.
The total crypto market cap has increased by over $60 billion in a day and now sits at $2.280 trillion.
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