KEY POINTS:
- Bitcoin targets $63,000 threshold.
- Inflation data coming Wednesday.
- BTC off by 17% from record high.
Inflation data out of US could spark fresh buying momentum if price pressures show a declining trajectory.
- Bitcoin BTCUSD was off to a strong start of the week after a weekend of gains. Prices drifted higher over the past couple days, grinding toward the $63,000 mark. Early Monday morning saw investors extend their long bets on the OG token as markets broadly prepared for big events over the next few days. One key report could stir up the scene and ignite a fresh rally in the crypto space.
- America’s inflation data for April is slated for release on Wednesday. Digital asset enthusiasts will be watching to see if consumer prices have cooled — a sign of a healthy economy and a driver of more courageous betting on risk assets, such as Bitcoin and company. On the other hand, another hot inflation print may spark fears of an economic overload and could lead to a sizable wind-down in crypto prices.
- Bitcoin hit a record of around $74,000 per coin in mid-March and is now floating near $62,000, or about 17% below the ultimate peak. Despite the modest drop (by crypto standards), Bitcoin has added more than 40% to its valuation this year, or about $500 billion in market capitalization to a total worth of $1.2 trillion. The entire digital asset space has wiped out about 23% from its record high valuation of $3 trillion to float near $2.3 trillion.