India, July 14 -- The unabated spike in crude oil prices has dragged down cryptocurrencies, while globally, markets brace for the inflation update from the U.S as well as the Congressional testimony by Fed Chair Kevin Warsh. Massive outflows from U.S.-listed Bitcoin Spot ETF products on Monday also weighed on sentiment. Overall cryptocurrency market capitalization has declined more than half percent in the past 24 hours. Bitcoin, the leading cryptocurrency has touched a 24-hour low of $61,769.
Data for June to be released on Tuesday morning by the U.S. Bureau of Labor Statistics is expected to show annual headline inflation declining to 3.8 percent from 4.2 percent at the end of the previous month. The core component thereof, excluding the...