Cryptocurrency prices on June 12: Bitcoin falls below $67.5K ahead of Fed policy decision

Leading cryptocurrencies experienced further dip on Wednesday, ahead of a key U.S. inflation report and Federal Reserve policy decision that would determine the near-term outlook for interest rates.

As of 12:16 am IST, Bitcoin was trading 0.5% lower at $67,337, while Ethereum dropped 0.9% to $3,519. Concurrently, the global cryptocurrency market cap also saw a 0.65% decline, hovering around $2.45 trillion in the last 24 hours.

"With all eyes on US CPI Data and Fed interest rate decision today, the crypto market has already taken a beating with Bitcoin holding fort at $66,000. With the market expecting no rate cuts in the US, any sign of a rate cut could drive the market to bullish territories yet again," said CoinSwitch Markets Desk.


On a similar line, Shivam Thakral, CEO of BuyUcoin, said, "The crypto market witnessed a marginal decline with BTC slipping below the $68,000 mark while Ethereum changed hands below the $3,600 level. If the Fed decides to cut the interest rate after encouraging inflation data, we can expect an upward trajectory in the overall crypto market."

Also Read: Is Bitcoin still undervalued? What will drive BTC’s growth to cross $100,000 levels


Meanwhile, altcoins and meme coins like BNB (-0.6%), Solana (-1.9%), XRP (-1%), Dogecoin (-0.9%), Cardano (-1.4%), Shiba Inu (-1.3%), and Chainlink (-2%) mirrored the downward trajectory.

The volume of all stablecoins is now $82.35 billion, which is 97.24% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.326 trillion. Bitcoin's dominance is currently 54.26%, according to CoinMarketCap. BTC volume in the last 24 hours rose 8.8% to $31.2 billion.

Edul Patel, CEO of Mudrex, said, "BTC consolidated at the $67,000 level ahead of the key US inflation report and Federal Reserve meeting due for today. The next immediate support lies at the $67,100 and the resistance at the $67,700. On the other hand, Ethereum is also trading in the similar lines with Bitcoin trading at $3,400 level."

Focus is now turning to the U.S. CPI data later in the day, which is forecast to rise a slim 0.1% in May from a month earlier, but with the core up 0.3%.

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