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Real-time Market: Bitcoin Falls Below $80k, Market Turns Weak
Bitcoin fell below the $80k mark during Asian trading hours, trading around $79.2k. The short-term support range that previously supported the market was broken, and mainstream cryptocurrencies also retreated accordingly.
Mainstream Coins Generally Decline
SOL down 5.6%, at $90
ETH down 2.1%, at $2,250
XRP down 1.7%, at $1.43
BNB down 1.6%, but still up for the week
Dogecoin is one of the few mainstream coins to rise, closing up slightly by 0.9% for the day.
Inflation Data Suppresses Risk Appetite
CoinDesk reports that market pressure first comes from the latest U.S. inflation data. The U.S. Producer Price Index for April rose to 1.4% month-over-month, higher than the expected 0.5%. The CPI released the previous day also increased to 3.8%, one of the hottest readings in nearly three years.
These two sets of data weaken market expectations for the Federal Reserve to cut interest rates this year and also put pressure on cryptocurrencies.
Taiwan Strait News Amplifies Selling Pressure
The report also mentions that during the meeting between Chinese and U.S. leaders, statements related to the Taiwan Strait increased volatility in global risk assets. Asian stock markets initially rose during the session but then gave back some gains, with the MSCI Asia Pacific Index ultimately falling 0.1%.
Next, Bitcoin will watch the $78k level. This position is the low point from early May; if it is broken, the market may further test lower support levels.