Bitcoin Dips Below $74K Following US Inflation Data
Zcash sees sharp decline and falls below $1,000 mark after CPI release
The cryptocurrency market faced heavy selling pressure following the release of consumer price index data in the United States. Bitcoin retreated to levels below $73,000 which marks its lowest point since mid-August before attempting a partial recovery.
Zcash showed the worst performance over the last 24 hours among major assets. The privacy token recorded a 13% drop and traded below the $1,000 mark for the first time since early September.
Other large-cap cryptocurrencies are also trading in negative territory. Ethereum fell 1.6% to $2,055 while assets like BNB, XRP, Solana and Dogecoin followed the downward trend observed across the sector.
The total crypto market capitalization suffered a $40 billion reduction in just one day. The consolidated value of the sector reached $2.45 trillion which reflects investor caution regarding the US macroeconomic landscape.
Bitcoin dominance over altcoins rose to 60.5% in the recent period. While most digital assets are losing value, a few projects like XMR and BTW recorded isolated gains in the market.
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