Cryptocurrency Price on May 15: Bitcoin dips below $62k ahead of US inflation report today

Fed Chair called the PPI data "mixed" rather than "hot" because prior data was revised lower. That along with Powell's comments reassuring investors that the U.S. central bank's next move was unlikely to be a hike lifted sentiment.

All eyes are now on Wednesday's U.S. consumer prices report, which is expected to show CPI rose 0.3% month-on-month in April, down from 0.4% growth the previous month.

Meanwhile, the global cryptocurrency market cap also declined by 0.46% to approximately $2.26 trillion within the last 24 hours.

As of 12:43 p.m., Bitcoin was trading 0.2% lower at $61,940, while Ethereum experienced a 0.4% decline to $2,903. Altcoins such as BNB (-3.2%), Solana (-1.8%), XRP (-0.6%), Dogecoin (-2%), Shiba Inu (-1%), Polkadot (-1.4%), and NEAR Protocol (-4.2%) also declined.

"Bitcoin has dipped below $62,000 as U.S. wholesale inflation exceeded expectations, rising 0.05% in April. Bitcoin's current support is at $60,800, with resistance at $62,700," said Edul Patel, CEO of Mudrex.

CoinDCX Research Team, said, "Technically, BTC and ETH continue to exhibit choppy price action, remaining within a range and experiencing liquidations on both sides. Today's US CPI numbers will be crucial to watch as they are expected to significantly impact the market."

The volume of all stablecoins is now $64.69 billion, which is 93.97% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.220 trillion. Bitcoin's dominance is currently 53.99%, according to CoinMarketCap. BTC volume in the last 24 hours fell 11% to $24.08 billion.

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Source: Forex-Markets-Economic Times