Bitcoin, Ethereum, XRP, Dogecoin Prices Drop as Fed’s Preferred Inflation Indicator Reaches 3-Year Peak
June 26, 2026
On Thursday, the cryptocurrency market recorded another day of significant losses as concerns over inflation and potential interest rate hikes continued to dominate investor sentiment. Bitcoin, Ethereum, XRP, and Dogecoin all experienced declines in their values.
Bitcoin, the leading cryptocurrency, fell below $59,000, while Ethereum dropped to an intraday low of $1,531. XRP and Dogecoin also suffered losses as the market sentiment turned bearish. This downward trend extended to cryptocurrency-related stocks, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing down by 9.44% and 4.99%, respectively.
According to Coinglass data, over $890 million was liquidated from the cryptocurrency market in the past 24 hours, with long position traders facing the brunt of the losses. Despite the spot price decline, Bitcoin’s open interest increased by 0.38%, indicating a rise in short interest entering the market.
Amidst this market turmoil, some cryptocurrencies managed to buck the trend and experience gains. MemeCore, Data Network, and Audiera were among the top gainers in the last 24 hours, showcasing positive performance despite the overall market downturn.
The global cryptocurrency market capitalization stood at $2.09 trillion, marking a 2.22% drop over the previous 24 hours. This decline was reflective of the broader market sentiment as inflation worries continued to mount.
In traditional markets, major indexes like the S&P 500 and the Nasdaq Composite closed lower on Thursday. The Personal Consumption Expenditure price index, a key inflation indicator favored by the Federal Reserve, reached a 3-year high of 4.1% in May, signaling ongoing concerns about rising prices in the economy.
Looking ahead, analysts are assessing the potential for a relief rally in July, particularly for Bitcoin. Rekt Capital pointed to a historical pattern of a post-breakdown rally in July, suggesting that the cryptocurrency could see a rebound in the coming month. Similarly, Ali Martinez highlighted key support and resistance levels for Ethereum, indicating potential price movements depending on whether these levels are breached.
Overall, the cryptocurrency market’s performance remains tied to broader economic factors like inflation and interest rates. Investors are closely monitoring these developments to gauge the market’s future trajectory and potential for recovery in the coming months.
