This One Number Could Ignite a Meteoric Crypto Rally—Are You Ready?

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After a glorious stretch reminiscent of a Bacchanalian revel—indeed, the sort that would send even the most hardened Victorian moralists to their fainting couches—Bitcoin Bitcoin

BTC
$96,611

24h volatility:
2.1%

Market cap:
$1.92T

Vol. 24h:
$29.09B

and her coterie of crypto companions have paused to catch their breath. Whether it is out of anticipation or existential dread before the unveiling of the Great American Consumer Price Index, only the fates—or perhaps the Federal Reserve—could know.

To the chagrin of Bitcoin’s most zealous devotees (“HODLers,” a tribe known for their fortitude and questionable spelling), the price drifted from its recent summit of $105,000, gently settling at $102,600. Yes, dear reader, even a digital titan must occasionally take tea. Meanwhile, the global crypto market cap—surely the darling of imaginary fortunes—shrunk by a modest 1.3%, now reclining upon a velvet cushion of $3.29 trillion.

But all is not as it seems! Like a gambler doubling down in Monte Carlo, trading volume soared—leaping by an audacious 44% to the dizzying heights of $179 billion. Tether’s USDT, that most staid of stablecoins, accounted for $129 billion—outpacing even the GDP of moderately well-behaved European nations. Its market capitalization, at last, dazzles above $150 billion, which is said to bring good luck and suspicious glances from bank regulators.

The gods of CoinGlass, peering down from their chart-laden Olympus, recorded a market-wide reckoning: liquidations totalling nearly $662 million, as both longs and shorts alike experienced what might be called “character growth.” Longs surrendered $517.5 million; shorts, the less optimistic crowd, merely $144.5 million.

Meanwhile, the total crypto open interest in the shadowy world of derivatives tiptoed downwards—by 3%, to a still-handsome $138 billion.

What does it all mean, you ask, whilst twirling your mustache or nervously fidgeting your ledger? It would appear that the fashionable move this season is to exit the tempestuous ballroom of Bitcoin and retreat to the sensible embrace of USDT, awaiting the CPI’s pronouncement as one awaits the results of a particularly gossipy dinner party. Risk aversion? Prudence? Or sheer boredom? One never knows.

The Light Ahead

Despair not, lovers of dramatic rebounds. Though the market’s mood resembles a rainy day in London, certain indicators whisper promises of continued merriment (or, at the very least, bullishness).

Behold, the CBOE’s Volatility Index—known affectionately as “VIX,” but frankly deserving a far grander moniker—declined to a demure 18.4, its lowest since the halcyon days before President Trump’s tariff-laden “Liberation Day” announcement. No word yet on whether the liberation was mutual for both sides of the Pacific.

For a fleeting moment, tariffs retreated to a more manageable 30% (for the Chinese) and 10% (for the Americans)—proof, perhaps, that economic warfare is best served in small, digestible portions. Hope sprung up: “Might this be the end of the great trade skirmish?” mused Wall Street and Twitter, alike.

Now we await the CPI—yes, that wondrous morsel of economic data. April’s US inflation clocked in at a respectable 2.4% (year-on-year), with daredevil analysts predicting a repeat performance. Meanwhile, the hip new data kid on the blockchain, Truflation, offers the tantalising figure of 1.68%.

🚨 REMINDER:

US #CPI DATA DROPS TODAY AT 8:30AM EST!
TRUFLATION SHOWS 1.68% INFLATION, WHILE THE FED EXPECTS 2.4%.
IF THE DATA COMES IN LOWER, MARKETS WILL EXPLODE!!!
— Crypto Rover (@rovercrc) May 13, 2025

Crypto Rover—whose pseudonym suggests both adventure and an allergy to legal tender—predicts a paroxysm of bullish delight if Truflation’s optimism is vindicated. Will the markets oblige with a Dionysian surge, or will they simply “explode” from sheer overexcitement? Reader, prepare your monocle and your popcorn. 🍿🚀

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2025-05-13 14:40