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US CPI Inflation & Fed Chair Testimony To Shape Bitcoin & Altcoins Trading This Week

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9 months ago

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The crypto market eagerly awaits the crucial economic indicators and key events that are likely to shape Bitcoin and altcoins trading this week. Notably, the recent weeks have been highly volatile, with Bitcoin price noting a free fall last week. Given the recent governments’ Bitcoin dump and Mt. Gox’s repayment concerns, optimism over both BTC and altcoins seems to have faded.

So, let’s explore the key events that are likely to impact the Bitcoin and altcoins trading next week.

Bitcoin And Altcoins Braces For Key Events This Week

US Inflation Data To Drive Sentiment

The release of crucial U.S. inflation data this week could significantly impact Bitcoin and altcoins trading. On Thursday, July 11, the U.S. Labor Department is expected to release the Consumer Price Index (CPI) and core CPI data. The crypto market would keep a close track of the data as it would likely help set the future stance of the Federal Reserve with their rate-hike plans.

Simultaneously, the U.S. Producer Price Index (PPI) data is expected to be released on Friday, July 12, which would also shed light on the current inflationary pressures in the U.S. Notably, both these CPI and PPI figures are pivotal for the Federal Reserve’s policy rate decisions.

Recently, Fed Chair Jerome Powell indicated that more confidence is needed in inflation trends before easing monetary policy. Considering that Bitcoin and altcoins may face heightened volatility based on these upcoming economic indicators.

Also Read: Why Meme Coins Are Pumping Today?

Fed Chair Jerome Powell’s Testimony

Investors are gearing up for Fed Chair Jerome Powell’s upcoming testimony, a key event expected to influence Bitcoin and altcoin trading this week. Powell’s insights on monetary policy and economic conditions will be closely monitored, as they are likely to impact market sentiment and trading strategies.

This testimony comes at a crucial time, with digital assets showing heightened sensitivity to macroeconomic cues. Market participants anticipate that Powell’s remarks could drive significant shifts in Bitcoin prices and the broader cryptocurrency market.

For context, Fed Chair Jerome Powell is scheduled to give his testimony to the Senate Banking Committee on July 9. Besides, he would be delivering the same testimony to the House Financial Services Committee on July 10.

Where Bitcoin And Altcoins Are Heading?

If the inflation data comes in cooler than expected, the crypto market might witness a robust surge with increasing investors’ confidence. However, if the data suggests that inflation, which has been cooling off lately, is taking another direction, it could dampen the market sentiment.

Meanwhile, Bitcoin along with the altcoins has noted significant selling pressures lately, due to the German and the U.S. Governments’ Bitcoin dump. In addition, Mt. Gox repayment concerns in Bitcoin and BCH have also fueled uncertainty in the market.

However, despite that, several positive indicators might help boost the market sentiment in July. For instance, Bitcoin and other digital assets tend to show a positive performance in July, historical data shows. Although historical data doesn’t guarantee future performance, it has bolstered market confidence.

Simultaneously, the anticipation over the upcoming U.S. Spot Ethereum ETF approval in mid-July would also trigger a rally in the altcoins sector. Despite that, the inflation figures and other macroeconomic factors are likely to impact Bitcoin and altcoins trading this week.

Also Read: Nvidia Agrees With Court Set Date Amid Legal, Market Headwinds

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Holds $84K, ATOM & FIL Become Top Gainers

Published

7 hours ago

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April 4, 2025

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Crypto Prices Today (April 4): The broader market sentiment remains uncertain this Friday as Bitcoin (BTC) price held around the previous day’s levels, at $83K. Moving on to other metrics, the global cryptocurrency market cap jumped slightly by 0.20% to $2.6 trillion. The fear and greed index stood at 25, signaling a cautious sentiment in the market at the moment.

Major league altcoins like Ethereum (ETH) and Solana (SOL) also retained a trading session near the previous day’s levels in the interim. However, Cosmos (ATOM) and Filecoin (FIL) surfaced as the day’s top gainers by defying the broader trends.

Crypto Prices Today: BTC At $83K, Altcoins Resilient

Despite the broader market turmoil caused by Donald Trump’s announcement of reciprocal tariffs, crypto prices today have showcased resilience by preventing major downturns. After slipping to as low as the $81K mark, BTC price regained a hold above $84K today. ETH also faced heightened turbulence, although it maintained a hold above $1,800.

Conversely, ATOM and FIL tokens have defied the broader market trend to secure a spot among the day’s top gainers.

BTC Price Sits At $84K

At the time of reporting, the flagship crypto’s price chart indicated a roughly 1% increase in value and closed in at $84,211. Its market dominance was up by 0.09% intraday, reaching 62.01%. Notably, BTC has outperformed major league altcoins, as indicated by its market dominance.

Coinglass data further signaled rising market interest in the asset. Bitcoin futures OI jumped roughly 4% over the past day, reaching $54.61 billion.

Nevertheless, traders and investors reflect an uncertain stance over future price prospects as Trump’s tariffs have rattled broader markets globally. CoinGape previously reported that BTC is expected to mimic stock market actions amid global trade war tensions.

All eyes are now set on the next U.S. Fed meeting, as it could pave the way for a market sentiment shift.

ETH Price At $1,800

ETH price traded at $1,820 after recovering from $1,751 over the past day. The second-largest crypto by market cap boasted an evaluation of $220.35 billion.

Ethereum’s futures OI shot up by 3.5% to reach $20.68 billion, per the latest Coinglass data. This statistic indicated that the coin’s derivatives market is seeing heightened activity. Another buzzworthy update for Ethereum is that the Pectra upgrade is set to go live on May 7 next month.

XRP Price Jumps 2% & Defies Crypto Market Trend

Ripple’s coin XRP managed to gain over 2% despite the broader crypto market turmoil to reach $2.08. Its 24-hour bottom and peak were recorded as $1.97 and $2.10, respectively.

The latest buzz within the Ripple community remains Coinbase’s XRP futures listing. Notably, CoinGape reported that the crypto exchange behemoth filed an application with the CFTC for this listing.

On the other hand, the U.S. SEC’s recent closed-door meeting solidified the chances of an imminent settlement of the Ripple lawsuit.

SOL Price Today

Solana price hovered around the previous day’s levels and is trading at $119.27. Its 24-hour low and high were registered as $112.48 and $119.13 in the past 24 hours.

Intriguingly, Coinglass data revealed a 3% surge in Solana’s futures OI to $4.84 billion, underscoring burgeoning trading activity in the derivatives market. Solana’s market cap jumped nearly 1% from yesterday to $61.44 billion.

Recently, the U.S. SEC made a favorable approach toward crypto by acknowledging Fidelity’s SOL ETF filing.

Let’s take a look at the market’s leading gainers for the day.

Crypto Prices Today: Top Gainer

Cosmos (ATOM)

Price: $4.83
24-Hour Gains: +9%

ATOM’s price surged alongside a new trade offering unveiled by eToro recently. The social investing platform launched staking options for the crypto, paving the way for investor interaction with assets.

Filecoin (FIL)

Price: $2.95
24-Hour Gains: +8%

FIL price soars against the backdrop of its recent listing on S. Korean crypto exchange Upbit.

Pendle (PENDLE)

Price: $3.14
24-Hour Gains: +8%

PENDLE price soars alongside heightened whale accumulations, as reported by CoinGape recently.

Crypto Prices Today: Top Loser

Pi Network (PI)

Price: $0.5477
24-Hour Loss: -13%

Berachain (BERA)

Price: $5.81
24-Hour Loss: -10%

Toncoin (TON)

Price: $3.52
24-Hour Loss: -7%

Overall, the broader market sentiment remains uncertain amid macroeconomic heat. Crypto market traders and investors eagerly await major price action shifts.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pi Coin Price Crashes 15%, Is Coinbase Listing Only Hope?

Published

8 hours ago

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April 4, 2025

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Pi Network’s native cryptocurrency Pi Coin price is down by another 15% today, slipping all the way to $0.55 and another 60% surge in daily trading volumes to $477 million. With this, the PI cryptocurrency has extended its weekly losses to more than 33% as investors are losing hope of any recovery to $1. As a result, the community is now pinning hopes on a Coinbase listing for any revival.

Will Pi Network Make Way to Coinbase Anytime Soon?

Although the Pi Network listing on Binance has faced multiple delays, the community is still hopeful for a Coinbase listing. On March 14—Pi Day—Coinbase’s Chief Legal Officer, Paul Grewal, posted a tweet featuring Pi’s logo, stating, “We take Pi Day very seriously at Coinbase.”

A Coinbase listing could provide a major liquidity boost, pumping up the Pi Coin price higher to $1 and beyond. The exchange often considers community engagement when adding new assets, making Pi Network’s 60 million+ user base a strong factor in its favor.

Additionally, such a listing could significantly boost PI cryptocurrency’s adoption in both U.S. and global markets. This would be a historic milestone for the ecosystem, increasing the visibility and accessibility to millions of crypto users worldwide.

While Coinbase stirs speculation, Binance has yet to make any official comments regarding a potential $PI listing.

Pi Coin Price Drop to $0.3 Coming?

As the Pi Coin price continues to lose crucial support levels, analysts are turning pessimistic about it moving ahead. Crypto analyst Moon JEFF has projected that Pi Network price could drop to $0.30 if exchange deposits continue at their current rate.

More than 375 million PI tokens have already moved to exchanges. Moon JEFF notes that with total supply reaching 500 million $PI, the token’s price could stabilize around $0.30. This is similar to our Pi Coin price prediction, which shows that altcoin to trade under $0.40 for the month of April.

Source: Moon JEFF

A Major Challenge for the Core Team

The Pi Community backlash is growing stronger with every passing day as the altcoin selling pressure increases. Popular community member Dr Altcoin stated: “Pi’s price has been in free fall, hovering around $0.5. If this was the end goal, why did the Pi community wait six years? Pi could have easily reached this value if it had launched in 2022”.

He further stated that major cryptocurrency exchanges are unlikely to list PI crypto unless the Pi Core Team (PCT) provides full transparency regarding its tokenomics. The two major challenges as highlighted by Dr Altcoin, are:

  • At current low prices, Pi holders may struggle to engage with decentralized applications (DApps) within the Pi ecosystem.
  • If these challenges persist, a significant portion of Pi users could sell off their holdings and migrate to other crypto projects.

The analyst added that the only viable path forward for the Pi Core Team, without relying on major exchange listings, is to burn billions of Pi coins from the Pi Foundation wallets.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana Price Drops 15% Amid $46M Whale Dump, Will SOL Recover Anytime Soon?

Published

11 hours ago

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April 4, 2025

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Solana price has extended weekly losses to 14% amid heightened selling pressure for the cryptocurrency. Whale data on Friday revealed that roughly $46M worth of SOL was unstaked and offloaded to exchanges in recent days. The outcome? Crypto market traders and investors are speculating if a recovery is even possible ahead as the broader market faces turmoil amid Trump’s reciprocal tariff announcement.

Solana Price Takes Bearish Turn Amid Rising Whale Dumps, What’s Happening?

As of press time, Solana price traded at $115.91, down slightly over 3% in the past 24 hours. The weekly chart for the crypto showcases a 14% decline, further accompanied by a monthly drop of over 18%. This waning action falls in line with the recent broader market trends and heightened selling pressure for the cryptocurrency.

Data from the tracker Lookonchain suggested that crypto whales are on a SOL dumping spree in tandem with the coin’s slumping action. Notably, 4 wallet addresses collectively unstaked and offloaded $46 million worth of coins in the past 24 hours, per whale data.

Here Are The Addresses & Amounts of SOL Dumped

  • ‘HUJBzd’ – $30.3 million worth of coins.
  • ‘BnwZvG’ – $9.47 million worth of coins.
  • ‘8rWuQ5’ – $3.53 million worth of coins.
  • 2UhUo1′ – $3 million worth of coins.

For context, usual market sentiments reflect bearishness in light of such massive dumps as the selling pressure for a crypto increases. Solana’s waning price action has contributed to investors’ cautious outlook toward the coin amid negative market dynamics.

SOL Price Faces Pressure Amid Broader Trends

It’s worth pointing out that SOL is currently facing immense heat due to broader macro trends presenting risk assets with uncertainty. CoinGape recently reported that Bitcoin price saw an offsetting movement with Donald Trump’s reciprocal tariffs commencement. In turn, even the altcoin market mimicked a bearish movement lately.

Another report revealed that BTC price is expected to follow the stock market action in light of the new reciprocal tariffs. Matrixport strongly asserted that the broader crypto market could potentially sustain volatility in the short run as BTC price is expected to mimic stock market movements.

Analyst Forecasts Bullish Outlook Despite Downtrend

However, a crypto market analyst named ‘Brandon Hong’ has conversely highlighted a bullish outlook for Solana price regardless of the broader turmoil. The analyst recently posted on X, stating, “SOL is about to have its biggest breakout ever.”

Solana priceSolana price
Source: Brandon Hong, X

This bullish anticipation rides the back of the coin about to break its 400-day range. “Buy now or regret later,” the analyst concluded, sparking contrary speculations. Crypto market participants continue to extensively eye the token for price action shifts amid uncertain dynamics.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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