Americas Crypto Daybook: Investors Await CPI Data as BONK Fuels Memecoin Excitement

By Omkar Godbole (All times ET unless indicated otherwise) The cryptocurrency market is holding its breath as investors wait for the U.S. April inflation data, scheduled for release at 8:30 a.m. Bitcoin is currently stabilizing near $103,000. The easing of U.S.-China trade tensions has created an optimistic atmosphere, with markets anticipating a softer-than-expected inflation print. This could potentially lead to calls for interest-rate cuts by the Fed, stirring up a risk-on sentiment that may propel bitcoin to new heights and accelerate the rotation of funds into alternative cryptocurrencies. The bitcoin dominance rate has slipped to 63% from 65%, indicating growing interest in other cryptocurrencies. It's worth noting that bitcoin has been leading the swings in U.S. assets this year. For instance, bitcoin peaked above $109,000 in January, preceding the Nasdaq and dollar index reaching their tops and entering bear markets, which priced in the economic impact of rising trade tensions. Similarly, bitcoin's early April bottom at around $75,000 occurred weeks before the selling in the dollar index climaxed near 92 in late April. Since then, the index has rebounded to 102, challenging its bearish trendline. This price action raises an intriguing question: Is bitcoin evolving into a leading indicator for U.S. assets, while being part of the U.S. exceptionalism story? If so, the days of tracking the Nasdaq for cues on the next possible move in bitcoin may be behind us. Stay vigilant! Key Events to Watch Upcoming Token Events Conferences CoinDesk's Consensus will take place in Toronto on May 14-16. Use the code DAYBOOK to receive a 15% discount on passes. Token Talk By Shaurya Malwa Derivatives Positioning Market Movements Bitcoin Statistics Technical Analysis Crypto Equities Strategy (MSTR): closed on Monday at $404.9 (-2.68%), and was up 1.07% at $409.22 in pre-market trading Coinbase Global (COIN): closed at $207.22 (+3.96%), and was up 9.55% at $226.88 Galaxy Digital Holdings (GLXY): closed at $28.39 (+6.37%) MARA Holdings (MARA): closed at $15.95 (+1.21%), and was up 0.94% at $16.10 Riot Platforms (RIOT): closed at $8.7 (+2.59%), and was up 0.69% at $8.76 Core Scientific (CORZ): closed at $9.88 (+6.01%), and was up 1.92% at $10.07 CleanSpark (CLSK): closed at $9.62 (+4.57%), and was up 0.83% at $9.70 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $16.34 (+5.08%) Semler Scientific (SMLR): closed at $34.84 (+0.14%), and was down 0.46% at $34.68 Exodus Movement (EXOD): closed at $54.3 (+8.32%), and was down 10.22% at $48.75 ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether