Crypto Majors Experience Significant Decline, Market Looks to U.S. Inflation Data for Bitcoin's Direction

Major cryptocurrencies experienced a significant drop in the past 24 hours, with meme coins such as shiba inu and dogecoin leading the decline. Traders are looking towards Friday's U.S. PCE inflation data for guidance on the direction of bitcoin, with some analysts predicting a drop to as low as $60,000. Some of the largest cryptocurrencies lost up to 5% in 24 hours as traders warned of further declines in the price of bitcoin. On the other hand, Glassnode recorded signs of a recovery in buyer interest in bitcoin, with long-term holders resuming accumulation for the first time since December 2020. Traditional stock indices also showed signs of weakness ahead of the inflation figure.