According to Greeks.live, the Consumer Price Index (CPI) data slightly exceeded expectations, causing Bitcoin (BTC) to briefly hit $94,000. However, major cryptocurrencies rallied back to this week's highs, driven by Federal Reserve Chairman Powell's favorable crypto speech and other market factors. Additionally, major term option implied volatilities are currently lower than recent levels, indicating a potential decrease in market volatility. This suggests traders may anticipate a period of relative stability following recent price swings.

According to @GreeksLive, significant macro events are scheduled for Thursday and Friday this week, coinciding with the quarterly delivery. The crypto market experienced a substantial decline today, leading to a notable increase in the implied volatility (IV) of Bitcoin options for the month.