The cryptocurrency market showed a reserved behavior on Monday as traders and investors prepared for the inflation rate figures in the United States later in the day. Bitcoin, the largest digital currency by market value fell marginally to $56,706 as per the trading at 1:30 PM IST which depicted a 0. 9% decrease within the last 24 hours.

Other large cryptocurrencies also fell slightly; Ethereum fell by 0. undefined undefined undefined 9%, XRP depreciated by 1%, Dogecoin dropped by 2%. Thus, while Shiba Inu declined by 1%, Binance Coin rose by 16.75%, Dogecoin by 6.75%, and Solana by 6.5%. 60%, while Cardano dropped by 1. undefined According to the statistics, the total cryptocurrency market value shrank by 9. undefined 99 trillion, with total market volume came down to 7%. undefined undefined

The market is in a conservative mood as the U. S. Labor Department is set to release the consumer price index (CPI) report for August. Despite the Federal Reserve’s pivot from inflation to employment in the recent months, the CPI figures may still contain some clues to future policy actions.

The CoinDCX Research Team remarked traping, “The market rose yesterday, but fell today after the Kamala- Trump debate did not mention anything about cryptocurrency and, thus, Trump’s probability of winning increased from 51% to 49% on Polymarket platform though higher time frame sentiment is bullish as the CME open gap at $53K continues to hurt; today’s CPI will be crucial.

In terms of market share, Bitcoin is shown to have fluctuated mildly where its market share was at 56. 02% and its market cap is $1. undefined The trading volume for Bitcoin was down by 8%. undefined 9 billion after the past 24 hours.” Market liquidity was dominated by stablecoins as always with $57. 87 percent of the total trading volume or 91 percent within the same period. As estimated on CoinMarketCap, the market share is 69%.

Thus, the crypto market is recommended to be cautious and track the most significant economic signals that can affect its sentiment during this period. The expected CPI and its consequences for the decisions made by the Federal Reserve is expected to be the primary driver of short-term fluctuations in prices in the sphere of cryptocurrencies.