Key Notes
- The cryptocurrency market cap declined by 1.3% in the past 24 hours.
- The US inflation data is expected to be released today, May 13.
- Key indicators suggest a potential bull run for the crypto market.
After nearly a month of high volatility and upward momentum, Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B and the broader crypto market are seeing a correction hours before the US Consumer Price Index data release.
Bitcoin fell from its local high of $105,000 to $102,600. According to CoinMarketCap data , the global crypto market cap declined 1.3% to $3.29 trillion.
The total crypto trading volume, on the other hand, increased by 44% to $179 billion. Tether’s USDT alone accounts for $129 billion in trading volume as its market capitalization surpassed the $150 billion mark for the first time.
According to data from CoinGlass , the market-wide correction brought roughly $662 million in liquidations — $517.5 million longs and $144.5 million shorts — over the past 24 hours.
The total crypto open interest in derivatives contracts declined 3% to $138 billion.
The shift from volatile assets to USDT suggests that traders act cautiously ahead of the US CPI data announcement. This is usually normal, especially if the market wanders in highly volatile conditions .
The Light Ahead
While the market-wide correction decreased the bullish sentiment , some key indicators suggest the upward momentum will likely continue.
CBOE’s Volatility Index dropped to 18.4 for the first time since late March, before US President Donald Trump’s trade war — he announced reciprocal tariffs on what was called the “ Liberation Day ” on April 2.
The Trump administration announced that the tariffs will temporarily decline to 30% and 10% for Chinese and American goods, respectively. Despite being a temporary announcement, this hinted at a potential end to the trade war between the two giant economies.
The CPI data could add to the positive sentiment triggered by the pause in tariffs. The US inflation rate came at 2.4% year-over-year for March and is expected to remain in the same zone for April.
While the trade war in April might have caused a rise in the inflation rate, many analysts on X point to the 1.68% CPI rate by Truflation .
🚨 REMINDER:
US #CPI DATA DROPS TODAY AT 8:30AM EST!
TRUFLATION SHOWS 1.68% INFLATION, WHILE THE FED EXPECTS 2.4%.
IF THE DATA COMES IN LOWER, MARKETS WILL EXPLODE!!! pic.twitter.com/0JKFyf39C9
— Crypto Rover (@rovercrc) May 13, 2025
Famous crypto influencer and analyst known as Crypto Rover expects a strong bullish momentum due to the optimistic data from Truflation.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
