First Mover Americas: Bitcoin Holds $58K Ahead of U.S Inflation Report

The latest price moves in crypto markets in context for July 11, 2024.

AccessTimeIconJul 11, 2024 at 12:03 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Prices FMA, July 11 2024 (CoinDesk)
Prices FMA, July 11 2024 (CoinDesk)

Top Stories

Bitcoin (BTC) held its $58,000 price level throughout the European morning before a U.S. inflation report due at 8:30 ET (12:30 UTC). Following a dip toward $57,000 at about 3:30 UTC, BTC is sitting around $58,400 at the time of writing, down 0.34% in the last 24 hours. The CoinDesk 20 Index, which offers a measurement of the broader digital asset market, has risen around 0.2%, suggesting traders are sitting on their hands waiting for the CPI report, which will offer the latest indication on the prospect of a cut to interest rates.

The U.S. CPI data is expected to show the cost of living rose 0.1% in June after remaining flat in May, leading to a 3.1% rise year over year. If the figure matches estimates, it would confirm more progress toward the Fed's 2% inflation target and set the stage for the bank to begin a much-anticipated rate cut cycle this year. Increased prospects of interest-rate cuts will likely bode well for risk assets, including bitcoin, helping the leading cryptocurrency extend its price recovery from the lows seen earlier this month. CoinDesk data show that the recovery has stalled, with buyers struggling to establish a foothold above $59,000.

The amount of ether {{ETH}] staked is nearing a record high as the prospect of a spot ether ETF in the U.S. comes closer to reality. "The total number of staked ETH has continued to increase and sits near its all-time high as it stands at 33.3 million ETH or 27.7% of the total supply," Julio Moreno, CryptoQuant's head of research, wrote in a note shared with CoinDesk. The increasing supply of ether is a sign it has returned to being an inflationary asset, undermining its capability to act as a store of value over time. There are ways to counter this such as staking, which locks ether for a fixed period of time, and burning – or permanently removing from circulation – a portion of the transaction fees paid by users.

Chart of the Day

COD FMA, July 11 2024 (TradingView)
  • While bitcoin's price sell-off has stalled, it is yet to clear the downtrend line, characterizing the mini bear market from record highs above $70,000.
  • A potential breakout could draw in momentum traders.
  • Source: TradingView

- Omkar Godbole

Trending Posts

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.