5.1 Million BTC Addresses Risk Losses Amid Bitcoin's Dip Below $62,000

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The cryptocurrency market fell slightly on Tuesday as investors awaited fresh inflation data and looked to comments from Federal Reserve policymakers, looking for signals about the future path of monetary policy. The April producer price index, which measures wholesale inflation, is coming out on Tuesday. The Dow Jones surveyed economists, who predict the PPI to grow 0.3% from last month.This is the first of two major inflation releases scheduled for the week, with the consumer price index for April due Wednesday. According to a Dow Jones survey, economists expect it will rise 3.4% year-on-year and 0.4% monthly.

The statistics could influence investor views about when and how many rate cuts will occur this year; if the CPI and PPI indicate that inflation is decreasing, the prospects for a rate reduction may rise, and vice versa.On a more positive note, digital asset investment products witnessed $130 million in inflows for the first time in five weeks. Bitcoin received $144 million in inflows, returning from a dismal month thus far.

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