Cryptocurrency Price on May 31: Bitcoin holds above $68.3K ahead of key inflation data

Shivam Thakral, CEO of , said, "The crypto market remained stable after a few sessions of high volatility ahead of US inflation data slated to be released on Friday. The inflation data could have a significant impact on the Fed’s decision on in its next meeting on June 11-12. If the Fed decides to relax monetary policy, the crypto market may witness an upward trend."

Meanwhile, noted, "Traders are cautious, as higher-than-expected inflation could push Bitcoin down to $65,000."

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Other popular cryptocurrencies such as BNB, Solana, , Shiba Inu, Chainlink, and Polkadot declined up to 3%, while Cardano, Tron, Uniswap, and Litecoin surged up to 1%.

The volume of all stablecoins is now $77.03 billion, which is 94.17% of the total crypto market 24-hour volume, as per data available on .

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.346 trillion. Bitcoin's dominance is currently 53.1%, according to CoinMarketCap. BTC volume in the last 24 hours surged 4.85% to $28 billion.

"BTC continues to range in the lower time frame. In the higher time frame (HTF), it still needs to clear key resistance levels around $71,000 and $73,000. BTC must hold above $67,000 to avoid a potential small dip," said CoinDCX Research Team.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times