Markets
Cryptocurrency markets tumble ahead of US inflation data
Cryptocurrency stocks reversed pre-market losses.
Cryptocurrency markets tumbled on Tuesday morning as traders braced for new macroeconomic data from the United States.
The producer price index (PPI) for April rose 0.5%, higher than the estimated 0.2%. relationship anticipates Wednesday’s Consumer Price Index (CPI) data.
Bitcoin (BTC) is trading at $61,689, down 2% over the past 24 hours. Ether (ETH) fell nearly 3%, while Solana lost 4%.
A surge in GameStop (GME) shares. triggered a meme coin rally on Monday. A post by RoaringKitty, an investor, analyst and influencer known for his role in the 2021 GME short squeeze, sent shares of the video game retailer soaring. GME stock has nearly tripled in the last two days.
Various offshoots and joke tokens referring to GameStop, Gill and his online kitty character have flooded the Solana and Ethereum blockchains, with a GME meme token rising as much as 1500%.
PEPE is up 30% while Dogecoin (DOGE) is up 3.5% in the last 24 hours, while Shiba Inu (SHIB) and FLOKI are up 2% and 12% respectively.
Crypto stocks rise
Cryptocurrency and blockchain stocks rallied on Tuesday. Coinbase Global (COIN) rose 1.6%, while mining companies Riot Platforms (RIOT) and Marathon Digital (MARA) rose more than 3%. MicroStrategy (MSTR) gained 2.6%.
The ProShares Bitcoin Strategy ETF (BITO) fell 3%.
US stocks remained relatively stable on Tuesday as traders await tomorrow’s inflation data, which will influence the Federal Reserve’s next policy move. The S&P 500 and Nasdaq rose 0.1%.