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Bitcoin (BTC) suddenly recovers $69,000. Here because
Alex Dovbnja
Bitcoin rose higher on lower-than-expected inflation data in the United States
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The price of Bitcoin (BTC) has managed to claim the crucial level of $69,000 following the release of the May Consumer Price Index (CPI).
The annual unadjusted CPI rate in May was lower than expected (3.3% versus 3.4%).
In particular, the US consumer price index remained unchanged for the month despite estimates of a 0.1% increase.
“Great relief for inflation watchers. S&P futures rise 40 points, bond yields fall while the May CPI remains unchanged month over month, below expectations of a 0.1% increase; excluding food and energy, up 0.2%, also below expectations for a 0.3% increase,” said CNBC’s Bob Pisani.
Swaps traders now largely expect the Federal Reserve to opt for a quarter-point rate cut in November following recent inflation data.
AS reported by U.TodayOn Tuesday, the flagship cryptocurrency slipped to the $66,000 level due to the double whammy of Bitcoin Exchange Traded Fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now pared its recent losses thanks to encouraging inflation data.
Bitcoin rose alongside US stocks. S&P 500 futures rise more than 50 points after CPI report.
Meanwhile, the 10-year Treasury yield fell to 4.273%, the lowest level since April 1.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.