Bitcoin rose over $26K in the hour after the May CPI but later retreated under the threshold as investors turned their attention to the US central bank's next rate hike decision. JPRubin23 reports
Bitcoin at least for a while liked the sound of waning inflation as reflected in Tuesday’s release of the May Consumer Price Index .
BTC has been stagnant below $26,000 for much of the past four days as investors set aside angst about Securities and Exchange Commission lawsuits against crypto exchanges Binance and Coinbase, and awaited the latest inflation reading and Wednesday’s Federal Reserve interest rate decision.Bitcoin, Ether and Stablecoins Total 80% of $1T Crypto Market Cap as Investors Flee Altcoins
“While today is good news for the U.S. economy and Bitcoin, any wobble that may come from tomorrow’s interest rate decision or the looming recession on the U.S.’s horizon is also likely to prove beneficial for crypto assets,” Tim Frost, CEO of digital wealth platform, Yield App, wrote in an email to CoinDesk. “Even altcoins, some of which have lost up to 30% over the past week, will benefit.”
“With U.S. investors perhaps now largely shaken out of these assets, we could see the beginning of fresh investment in these tokens that is not at all linked to the US economy or US policies,” Frost wrote.
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