The cryptocurrency market is bearish ahead of the release of US CPI data, while stocks closed in the green. 📉

Global crypto market capitalization decreased by 2.1% over the last 24 hours, amounting to $2.72 trillion. Trading volume also fell 3% to about $112 billion.

Leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), fell slightly after a brief bullish moment on April 9. BTC is down 2.6% in the last 24 hours and is trading at $68,900.

ETH fell 3.3% on the day and is trading at $3,510.

This comes ahead of the release of US CPI data for March 2024, scheduled for April 10 at 08:00 ET (12:00 UTC).

Bitget analyst Ryan Lee says if the data is in line with forecasts, it will increase the likelihood of an interest rate cut in June.