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Bitcoin Drops 1.6% Minutes After CPI Report
In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release. BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level.CPI Climbs 8.6% YOY Last Month
According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent.Source: New York PostU.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses for riskier assets. In spite of negative macroeconomic market sentiment and systemic threats in the broader cryptocurrency market, Bitcoin has traded inside a narrow band of $28,000 to $31,000 over the previous 30 days. In addition to rising interest rates, inflation, and the economic uncertainty that has plagued the entire financial system as a result of Russia’s unprovoked invasion of Ukraine, rising interest rates and inflation are also among the primary factors that have contributed to the negative market sentiment.
BTC total market cap at $556 billion on the weekend chart | Source:
BTC Sheds Nearly 65% From ATH
The world’s most sought-after crypto is down almost 65 percent from its all-time high, which was reached in the fourth quarter of 2017. Despite recent losses, Bitcoin values are about 1 percent higher than they were a week ago, when they were trading for less than $29,000. Meanwhile, Saturday’s Coingecko graphic depicts BTC trading at $29,271.63, down 1.5 percent in the last seven days.Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?
Featured image from Currency.com, chart from