The crypto market is experiencing a significant turnaround today as Bitcoin, Ethereum, Solana, and Dogecoin prices rebound after a bearish turn. The global market cap has surged 3.49% to $2.52 trillion, with Bitcoin, Ethereum, Solana, and Dogecoin witnessing gains of 2-5%.

US CPI Cools Down, Bullish for Crypto

The U.S. annual CPI inflation has cooled down to 3.3%, lower than the 3.4% estimate and 3.6% last month. The yearly Core CPI has also cooled to 3.4% against the 3.5% expected and 3.6% last month. This significant drop in inflation has led to a bullish sentiment in the crypto market.

Bitcoin and Altcoins Prices and On-Chain Stats

Bitcoin price has jumped 4.29% to trade at $69,707.75, with significant buying pressure on the crypto. Over 20,000 BTC was recorded as being moved to wallets amid the flagship crypto's recent correction, underscoring a buying-the-dip sentiment prevailing among crypto market participants.

Ethereum and Solana Prices

Ethereum price has gained 2.90% to $3,629, with a massive Ethereum exchange outflow recorded from Coinbase. Solana (SOL) has surged 5.10% to reach $160, and Dogecoin (DOGE) has rallied over 7% to stand at $0.1492.

Futures Open Interest

Coinglass data has hinted that BTC futures OI jumped over 3% in only 4 hours after the CPI announcement. CME Bitcoin Futures OI jumped 2.79% during the same period. Ethereum Futures OI also jumped over 2% in the past 4 hours. DOGE's Futures OI saw a remarkable 13% increase in the same time frame

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Conclusion

The crypto market is experiencing a significant turnaround today, driven by the cooling down of U.S. CPI inflation and the bullish sentiment in the market. The prices of Bitcoin, Ethereum, Solana, and Dogecoin are rising, with significant buying pressure on the cryptos. The futures open interest has also seen a significant increase, indicating a bullish sentiment in the market.