Bitcoin
Bitcoin (BTC) Price Soars Above $69,000 As US CPI Data Is Lower Than Expected
The US Consumer Price Index for May showed a slight movement in inflation data, showing a small drop to 3.3% compared to April’s figure of 3.4%.
These CPI numbers could have a particular influence on financial markets, as the US Federal Reserve will meet later today to determine its monetary policy and whether it will follow the ECB in reducing interest rates.
Being lower than expected, the US CPI numbers resulted in immediate price volatility for bitcoin and the rest of the crypto market.
As reported previously, the top cryptocurrency fell to $66,000 as investors withdrawn $200 million from ETFs before the CPI announcement and subsequent FOMC meeting.
BTC recovered some ground to $67,500 and surged more than a thousand and a half minutes after the CPI release. Bitcoin currently trades inches above $69,000.
All eyes will now be on the US Federal Reserve later today. The US central bank will meet to determine whether to keep interest rates at current levels of 5.25% to 5.5% or whether to imitate the ECB and lower they.