Crypto Profit-Taking Continues, Impacting Dogecoin and XRP Ahead of Key Inflation Data
All attention is shifting towards the upcoming Core PCE print, a crucial inflation metric for the Federal Reserve, noted by one trading firm.
Overview of Recent Trends
Recently, Bitcoin’s value saw a minor decline of 1% over 24 hours, while XRP and Dogecoin both dropped by 2.5%, indicating a lack of solid recovery. Market fluctuations were notably influenced over the past week by U.S. President Donald Trump’s announcement to raise tariffs on European imports to 50%, a significant hike from the previously proposed 20%.
Key Developments
- Bitcoin: Price stabilized at BTC price at $110,082.69.
- XRP: Current trading value is XRP price at $2.34.
- Dogecoin: Valued at DOGE price $0.22783.
Memorable market shifts occurred when Trump decided to delay imposing new tariffs, which had initially contributed to a market downturn over the weekend. Jeffrey Ding, Chief Analyst at HashKey Group, stated:
“Bitcoin’s rebound came after Trump decided to delay imposing new EU tariffs, which had initially sparked a market downturn over the weekend.”
Translation: La recuperación de Bitcoin se produjo después de que Trump decidiera posponer la imposición de nuevos aranceles de la UE, que inicialmente había desencadenado una caída en el mercado durante el fin de semana.
He also remarked on the encouraging signs of stability in the market as MicroStrategy’s Michael Saylor hinted at forthcoming Bitcoin acquisitions. After Trump’s announcement about the delay in tariffs until July 9, the markets exhibited a slight calming trend.
Market Insights
Despite underlying uncertainties, BlackRock’s IBIT has recorded 30 consecutive days of net inflows, emphasizing strong institutional interest. Nevertheless, caution is evident as QCP Capital highlighted divergent trends between digital assets and traditional tech markets. They stated:
“In a world of erratic policymaking, crypto increasingly looks like the grown-up at the table.”
Translation: “En un mundo de toma de decisiones erráticas, las criptomonedas cada vez parecen ser el adulto en la mesa.”
