The cryptocurrency market experienced a downturn as investors awaited the U.S. Consumer and Price Index (CPI) report, while stocks saw gains. According to CoinGecko, the global crypto market cap dropped by 2.1% in the last 24 hours to $2.72 trillion, with daily trading volume down by 3% to around $112 billion.

Leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) both saw slight declines following a brief bullish trend on April 9. BTC fell by 2.6% to $68,900, while ETH dropped by 3.3% to $3,510.

The market dip came ahead of the release of the U.S. CPI data for March 2024 on April 10. Analysts are anticipating a potential interest rate cut in June if the data confirms expectations. This speculation could lead to market volatility and uncertainty in the coming months.

Meanwhile, the stock market saw positive movement on April 9, with the S&P 500 gaining 0.14% to reach 5,209.91 points. It is common for financial markets to experience turbulence before the release of CPI data, particularly when higher inflation rates are predicted.

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