Bitcoin (BTC) price has achieved claim the fundamental level of $69,000 after the release of the May Consumer Price Index (CPI).
Bitcoin (BTC) price has achieved claim the fundamental level of $69,000 after the release of the May Consumer Price Index (CPI).
The annual unadjusted CPI rate in May was lower than expected (3.3% vs. 3.4%).
Notably, the US CPI remained stable for the month despite estimates of a 0.1% gain.
“Great relief for inflation watchers. S&P futures rise 40 points, bond yields fall as May CPI remains unchanged month-over-month, below expectations for a 0.1% increase; ex-food and energy rose 0.2%, also below expectations for a 0.3% increase,” said CNBC’s Bob Pisani.
Mushumir to the fullestSwaps traders now overwhelmingly expect the Federal Reserve to opt for a quarter-point rate cut in November following recent inflation data.
As Guru-Investingreported, the flagship cryptocurrency fell to the $66,000 level on Tuesday due to the double whammy of Bitcoin exchange-traded fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now reduced its recent losses due to encouraging inflation data.
Gamza KhanzadaevBitcoin has risen in tandem with US stocks. S&P 500 futures are up more than 50 points following the CPI report.
Meanwhile, the 10-year Treasury yield has fallen to 4.273%, the lowest level since April 1.
