The total crypto market cap is down around 3% today, now at $3.14T. Bitcoin along with most altcoins are seeing significant value drops in the current trading session.
The BTC price dropped around 3% and is now trading slightly under $96k, while Ethereum is down around 4%, now trading just slightly above $2.6k.
Market Uncertainty Ahead of Key Economic Data
Bitcoin briefly touched $98.5k yesterday but couldn’t hold the gains and fell back to around $95k. Traders are now playing it safe, keeping the market in a tight range as they wait for today’s CPI numbers and Fed Chair Powell’s upcoming speech. These events usually shake up the markets quite a bit. Miles Deutscher reported this on X.
In the Ethereum space, something interesting is happening – we’re seeing the biggest movement of ETH off exchanges in almost two years. Around 224,410 ETH has been pulled from exchanges, which is the largest such move since 2022.
In terms of market dominance, Bitcoin has been consolidating between 61-62%, while Ethereum’s dominance has dropped to 10%—reaching its lowest level since January 2021.
If you missed the past 24 hours in crypto, here's your full recap – no fluff, just facts.
— Miles Deutscher (@milesdeutscher) February 12, 2025
🚨—- Major Headlines —-🚨
→ $BTC saw a mini bounce to 98.5K before rejecting back into the range at 95K. We’ll likely remain rangebound until the CPI data release later today, along… pic.twitter.com/G9fkBP3EX0
Recent statements from key financial figures have added to market sentiment. During his testimony before Congress, Powell made several notable remarks, including that “Quantitative easing is a tool we use when rates are already at zero,” suggesting that QE might be further away than many market participants anticipated. However, he did provide some positive news for crypto enthusiasts by pledging to prevent the implementation of a Central Bank Digital Currency (CBDC) during his tenure as Fed Chair.
On the regulatory front, SEC Commissioner Peirce addressed the status of meme coins, noting that they currently have “no home” under existing SEC regulations and would require congressional action for further oversight.
The market also faced some temporary uncertainty when rumors spread about Binance selling substantial amounts of customer reserves. However, Binance Help Desk quickly clarified that this was merely an accounting adjustment and assured users that their funds remain secure.
The heightened volatility around CPI day is a common occurrence in crypto markets, as these economic indicators often influence investor sentiment and monetary policy expectations. Traders typically reduce their positions or move to safer assets ahead of such important economic data releases, leading to increased market fluctuations.
Read also: These Undervalued Kaspa Rivals Priced Below $0.05 Are Gearing Up to Outperform KAS in March
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
