Crypto Daybook Americas: Bitcoin Traders Look to CPI as BONK Cheers Memecoin Issuance

By Omkar Godbole (All times ET unless indicated otherwise)
Crypto bulls are taking a breather, leaving bitcoin BTC in stasis near $103,000 ahead of the U.S. April inflation data, due at 8:30 a.m.
With U.S.-China trade tensions easing, markets are, for now, optimistic about a softer-than-expected inflation print, potentially stirring up calls for Fed interest-rate cuts.
This resulting risk-on sentiment could push bitcoin to new highs and accelerate the ongoing rotation of funds into alternative cryptocurrencies. The bitcoin dominance rate, or the largest cryptocurrency’s share of total crypto market cap, has slipped 63% from 65%, indicating growing interest beyond bitcoin.
An important point to consider amid all this is that bitcoin has led swings in U.S. assets this year.
Notably, bitcoin peaked above $109,000 in January, weeks before the Nasdaq and dollar index reached their tops and entered bear markets, pricing the economic impact of rising trade tensions.
Similarly, BTC’s early April bottom at around $75,000 happened 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 (see Technical Analysis).
This price action raises a compelling question: Is bitcoin evolving to be a leading indicator for U.S. assets, while being part of the U.S. exceptionalism story, as CoinDesk noted in March? If yes, then days of tracking Nasdaq for cues on the next possible move in BTC are past. Stay alert!
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By Shaurya Malwa

Strategy (MSTR): closed on Monday at $404.9 (-2.68%), up 1.07% at $409.22 in pre-market
Coinbase Global (COIN): closed at $207.22 (+3.96%), 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%), up 0.94% at $16.10
Riot Platforms (RIOT): closed at $8.7 (+2.59%), up 0.69% at $8.76
Core Scientific (CORZ): closed at $9.88 (+6.01%), up 1.92% at $10.07
CleanSpark (CLSK): closed at $9.62 (+4.57%), 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%), down 0.46% at $34.68
Exodus Movement (EXOD): closed at $54.3 (+8.32%), down 10.22% at $48.75
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Source: Farside Investors