Cryptocurrency Market Declines Ahead of CPI Release

The cryptocurrency market saw a decline on Tuesday morning ahead of the release of April's consumer price index (CPI) data. Bitcoin (BTC), XRP (XRP), Solana (SOL), and Ethereum (ETH) led losses among major cryptocurrencies.

According to MarketWatch, economists estimate that headline inflation will have gained 3.8% from a year earlier and that April's CPI will have grown 0.6% from the prior month. Core CPI is anticipated to clock a gain of 2.7% from the previous year and edged 0.3% higher from March.

Bitcoin's price fell below $81,000 on Tuesday morning, while XRP and Solana dipped alongside it but saw an uptick in retail sentiment. Ethereum posted the steepest losses among the top 10 cryptocurrencies by market capitalization, falling below the $2,300 support level.