The global cryptocurrency market took a hit today, with the total market cap losing approximately $46 billion in the last 24 hours. The drop comes after a brief surge in the value of crypto assets. Bitcoin (BTC) also saw a significant drop, falling to $58,300, while ORDI marked the largest decline among altcoins with an 8% dip.Â
US Inflation Data Triggers Market ReactionÂ
The recent release of the US Consumer Price Index (CPI) for July, showing a year-on-year increase of 2.9%, had a notable impact on the market. This figure met analysts’ expectations and represented a slight decline from June’s 3.0%. The inflation data fueled concerns, causing a wave of selling pressure across the crypto space.Â
Crypto Market Stabilizes Around $2 TrillionÂ
Despite the dip, the total crypto market cap is holding steady above the $2 trillion mark. Analysts believe this level could act as a support, with a potential bounce back to $2.03 trillion on the horizon. The market remains watchful for further developments, especially in response to inflationary trends.Â
Bitcoin Struggles to Hold Key SupportÂ
Bitcoin, after briefly touching an intra-day high of $61,850, fell to $58,350. Investors have started selling off amid inflation fears, pushing BTC below the critical $60,000 level. BTC now hovers above the $54,500 support line, a crucial level that has been tested before. A recovery could drive the price back above $60,000, but failure to hold could lead to a further drop toward $55,000.Â
ORDI Takes the Biggest HitÂ
ORDI recorded the steepest loss among altcoins, dropping 8% to $28.4. The coin has been struggling with a downtrend for the past few months, and this latest dip brought it closer to the $27.7 support level. If ORDI manages to hold, it could stage a recovery toward $34. However, losing support may signal further bearish movement.Â
The crypto market remains volatile as investors react to inflation data and shifting market dynamics.Â
