Economists expect headline inflation to rise 3.8% year-over-year and 0.6% month-over-month.
- Bitcoin’s price fell below the $81,000 level on Tuesday morning ahead of the release of April consumer price index data.
- XRP and Solana also declined alongside Bitcoin, though retail sentiment on Stocktwits improved for both cryptocurrencies.
- Ethereum posted the steepest losses among the top 10 cryptocurrencies by market capitalization, falling below the $2,300 support level.
Bitcoin (BTC) slipped below $81,000 on Tuesday morning ahead of April’s consumer price index (CPI) reading before market open, with Solana (SOL) and Ripple’s XRP (XRP) falling in tandem but seeing an uptick in retail sentiment.
Economists estimate headline inflation will have gained 3.8% from a year earlier and that April’s CPI will have grown 0.6% from the prior month, according data cited by MarketWatch. Core CPI is anticipated to to have clocked a gain of 2.7% from the previous year and edged 0.3% higher from March.
Bitcoin’s price edged 0.6% lower in the last 24 hours to around $80,500. Retail sentiment on Stocktwits around BTC remained in ‘neutral’ territory over the past day, with ‘normal’ levels of chatter.
XRP and Solana dipped alongside Bitcoin, down 0.6% in the last 24 hours, but saw retail sentiment improve . XRP’s price was trading at around $1.45 with retail sentiment rising to ‘bullish’ from ‘neutral’ territory over the past day. Solana’s price was trading just under $95, with retail sentiment rising to ‘extremely bullish’ from the ‘bullish’ zone, accompanied by ‘high’ levels of chatter.
Ethereum Leads Declines Among Major Cryptocurrencies
Ethereum (ETH) and Dogecoin (DOGE) led losses among the the top 10 cryptocurrencies by market capitalization.
Ethereum’s price fell 2.2%, losing its support at $2,300, and was the worst-performing cryptocurrency in the last 24 hours among the top 10 by market capitalization. On Stocktwits, retail sentiment around the leading altcoin fell to ‘bearish’ from ‘neutral’ territory over the past day, accompanied by ‘normal’ levels of chatter.
“Narrative follows price, not the other way around” said MN Fund founder Michael van de Poppe in a post on X. “Price continues to go down for $ETH, so there’s a narrative being built up that the CLARITY Act approval will likely end up being bad for Ethereum, so price continues to fall down.”
Meanwhile, Dogecoin’s price fell 1.1% to $0.10. However, retail sentiment held strong in the ‘bullish’ zone over the past day, alongside ‘high’ levels of chatter.
The overall cryptocurrency market fell 0.8% in the last 24 hours. CoinGlass data showed around $268 million in liquidations across the market over the past day, with forced unwids on long bets amounting to $159 million.
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