On Tuesday, cryptocurrency prices have retraced to previously familiar levels, as global risk markets experience a rally.
Currently priced at $62,500, bitcoin (BTC) has seen a decrease of 1% in the last 24 hours and is nearly 3% lower than the peak it reached on Monday.
As the U.S. market prepares to open, Nasdaq 100 futures are up by 0.9%, building on a 1.5% increase from the previous day. Meanwhile, WTI crude oil has dropped by 2.15%, trading at $89.34 per barrel, as investors speculate about a potential resolution to the Iran conflict.
One factor that may be impacting bitcoin's performance on Tuesday is a $36 million exploitation involving the Humanity Protocol and its H token. However, bitcoin advocates might argue the contrary—pointing to the Humanity incident (along with several other breaches across different chains recently) as evidence that "there is no second best."
No significant macroeconomic news is anticipated for Tuesday, but the U.S. is set to release May inflation figures on Wednesday. With traders of interest rates now expecting a rate hike from the Fed, any unexpected downturn in inflation could lead to intriguing market reactions.