Americas Crypto Market Update: Bitcoin Rises Amid Risk Aversion Ahead of CPI Data

By James Van Straten (All times ET unless indicated otherwise) The recent 24-hour period has seen significant developments that continue to influence bitcoin's short-term price fluctuations, currently hovering above $80,000 due to macroeconomic factors. A cautious atmosphere pervades the market, with a notable disparity between bitcoin and the broader cryptocurrency landscape. Bitcoin's dominance has increased to 62%, nearing a year-to-date peak, while the ether-to-bitcoin ratio has become negative over a four-year compound annual basis, indicating underperformance of ether. Ongoing trade tensions, including those with Canada and metal tariffs prompting retaliatory measures from the European Union, also contribute to market restraint. A notable development comes from Canada, where newly appointed Prime Minister Mark Carney has initiated the sale of U.S. dollar bonds. As the sixth-largest holder of U.S. Treasuries, with $379 billion as of 2024, the potential sale could exert upward pressure on yields, opposing the desires of the U.S. administration. The narrative surrounding Treasury yields is critical, given that approximately $9 trillion in U.S. debt is set to mature or require refinancing this year. This is a key reason for the U.S. administration's eagerness to reduce Treasury yields. In the short term, market focus is shifting to today's Consumer Price Index report, with proponents of risk assets hoping for a softer inflation reading. The S&P 500 is nearing correction territory, having fallen nearly 10%. If inflation exceeds expectations, risk assets may face further decline. Remain vigilant! Key Events to Monitor Token-Related Events Conferences Token Discussions By Shaurya Malwa Derivatives Positions Market Trends: Bitcoin Key Statistics: Technical Analysis Overview Crypto-Related Equities ETF Investment Flows Spot Bitcoin ETFs: Spot Ether ETFs Source: Farside Investors Overnight Capital Flows Chart of the Day While You Were Asleep Ether Insights