Bitcoin Dips Below $61,000 on US CPI Report, While Altcoins Hold Gains

The cryptocurrency market saw mixed movements on Friday, October 11, as the US Consumer Price Index (CPI) data reported a higher-than-expected rise. This data influenced trading trends, causing Bitcoin to dip by about one percent on both domestic and international exchanges. At the time of this report, Bitcoin’s price stood at $60,576 (around ₹50.8 lakh) on global platforms, per CoinMarketCap, while on Indian platforms such as CoinSwitch and Giottus, the price was slightly higher at $61,452 (approximately ₹51.6 lakh).

According to the CoinSwitch Markets Desk, Bitcoin’s performance followed a string of four consecutive downward days, but the crypto saw a brief two percent rise just before the day’s close. This price fluctuation was largely attributed to the US CPI data, a critical metric that shapes the Federal Reserve’s stance on potential rate adjustments. Despite a year-over-year decrease in the CPI, the figure surpassed market expectations, sparking uncertainty and a subsequent dip in Bitcoin prices.

Ethereum, the second-largest cryptocurrency, managed a slight increase amidst this volatile period. ETH’s value rose by just over one percent, trading at $2,407 (around ₹2,02,145) on global exchanges, as tracked by CoinMarketCap. On Indian exchanges, the token showed a higher value, priced at $2,438 (around ₹2.04 lakh), according to Gadgets360’s crypto price tracker.

In the wake of this CPI report, most altcoins retained their recent gains, displaying resilience amid Bitcoin’s decline