Your day-ahead look for June 10, 2026
By Omkar Godbole|Edited by Sheldon Reback Jun 10, 2026, 11:20 a.m. 3 min readMake preferred on (Markus Winkler/Unsplash)Key Points:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Bitcoin BTC$60,985.58 is hovering around the $61,000 mark, with upcoming data potentially impacting its trajectory along with the broader cryptocurrency market.
The U.S. consumer price index for May will be released at 8:30 a.m. ET, with expectations indicating a year-on-year rise of 4.2%, marking a three-year peak after April's 3.8% figure, as reported by Reuters.
This increase would place inflation significantly above the Federal Reserve's target of 2%. The prospect of the Fed raising interest rates is already influencing Bitcoin's value, and further data could drive it lower.
However, the cryptocurrency's response may hinge more on the details than the overall number.
The crucial issue is whether inflation has spread across various sectors or remains limited to energy costs. If it’s the latter, markets might interpret the data as a temporary effect from the oil price surge in the first quarter due to the conflict with Iran.
This scenario appears feasible, considering the CBOE Oil Volatility Index (OVX) has declined to levels seen before the conflict, and WTI crude prices dropped over 16% to around $87 per barrel last month, where they currently remain.
According to MUFG Research, "A 0.3% month-over-month core inflation reading (the consensus estimate) could lead to a minor rally in rates if attributed to transitory factors like fuel surcharges. However, if inflation is widespread, it could trigger a slight sell-off in an already nervous market."
For Bitcoin traders, a higher-than-expected figure across multiple categories raises the likelihood of a drop below $60,000. CME Fed fund futures indicate traders are already factoring in an increase of at least 25 basis points in rates by year-end, above the current range of 3.50%-3.75%.
Conversely, a lower-than-expected reading could lead to a relief rally, especially as Bitcoin appears oversold on key indicators like the RSI.
In any case, heightened volatility is anticipated, with the CPI report likely determining the market's direction. Stay vigilant!
Read more: For insights on today’s altcoin and derivatives activity, see Crypto Markets Today. For a full schedule of this week’s events, check out CoinDesk's "Crypto Week Ahead."
What's Trending
- Elon Musk's SpaceX IPO is four times oversubscribed. A crypto bet tells a more cautious story (CoinDesk): SpaceX’s IPO is priced at $135 per share. However, on Hyperliquid, "synthetic" shares with the SPCX ticker are already trading at $157.
- Japan's three largest banks aim for joint stablecoin issue by March (CoinDesk): Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC) and Mizuho Financial Group will form a council to explore operational frameworks and prepare for stablecoin issuance this financial year.
- Oil remains volatile after U.S. completes Iran strikes following Apache helicopter attack (CNBC): U.S. WTI oil futures for July delivery were stable at $88.19 a barrel. Meanwhile, Brent futures for August increased by 0.14% to $91.58, following U.S. strikes against Iran, raising fears of renewed attacks that could disrupt shipping in the Strait of Hormuz.
- Bitcoin ETFs are no bigger today than when Trump won the election (CoinDesk): U.S. spot bitcoin exchange-traded funds have lost their appeal. The total dollar value of net assets across 11 ETFs was $77.58 billion on June 9, the same as after Donald Trump's election victory in November 2024.
Today's Signal
XRP's weekly price movements in candlestick format. (TradingView)The chart illustrates XRP's weekly price movements since late 2023 in candlestick format.
The payments-focused cryptocurrency has fallen below its 200-week simple moving average (SMA), indicating a worsening bear market. This positions XRP unfavorably compared to Bitcoin, which is still trading near its 200-week SMA.
This decline suggests a potential for further drops towards the next support level at $0.95, a high reached three years ago. This is where sellers overtook buyers in July 2023, reversing the upward trend at that time.
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By Omkar Godbole|Edited by Sheldon RebackJun 9, 2026Your day-ahead look for June 9, 2026
What to know:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
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