While hourly price charts showed an uptick in volatility, the daily price frame showed the opposite.After a brief bout of volatility, bitcoin brushed off positive inflation data in Wednesday’s Consumer Price Index report for June. The largest cryptocurrency by market capitalization was recently trading at about $30,300, down less than a percentage point over the past 24 hours.
The upbeat inflation news should have logically sent bitcoin higher in the immediate aftermath, but instead the price declined, even as volatility spiked. Bitcoin’s daily price wasn’t the only thing that shrugged at today’s data point. Per the CME Fedwatch tool, expectations that the Federal Open Market Committee would raise rates 25 basis points on July 26 are 94.9%, versus 93% a day prior.
Still crypto markets have largely decoupled from TradFi during 2023, with only the most surprising economic reports moving markets significantly.While CPI gets a lot of attention, the FOMC’s favored measure of inflation appears to be U.S. Personal Consumption Expenditures . In the most recent release of FOMC minutes, PCE is mentioned 10 times compared to three mentions of CPI.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin halving bullish for Saylor’s MicroStrategy: Berenberg CapitalAnalysts from Berenberg Capital Markets say that the upcoming Bitcoin halving could be a major positive for value of shares in saylor’s enterprise analytics firm MicroStrategy. saylor MicroStrategy According to the research note, if the historical pattern of the first three bitcoin halvings repeats with the fourth halving, then the rally before the halving would begin in about four months. saylor MicroStrategy Berenberg Capital notes MicroStrategy's reliance on its 152,333 Bitcoin holdings, predicting potential price gains during the upcoming Bitcoin halving.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Bitcoin, Ethereum Technical Analysis: ETH Over $1,900 as Greenback Weakens on Tuesday – Market Updates Bitcoin NewsEthereum moved briefly above the $1,900 level on Tuesday, as the U.S. dollar weakened versus several G7 currencies.
Source: BTCTN - 🏆 531. / 51 Read more »
Bots Sending BTC — Lightning Labs Releases New Tools for AI-Bitcoin Integration – Technology Bitcoin NewsThe tools essentially merge AI technologies, APIs, and blockchain technology to facilitate BTC transactions over the Lightning Network.
Source: BTCTN - 🏆 531. / 51 Read more »
Bitcoin Exodus: Over 855,000 BTC Withdrawn From Exchanges Since July 2020 – Featured Bitcoin NewsStatistics show over the past 1,075 days, customers have removed 855,621 bitcoin from centralized trading platforms.
Source: BTCTN - 🏆 531. / 51 Read more »
Bitcoin, Ethereum Technical Analysis: Bitcoin Pushes Towards $31,000 as US Inflation Is Expected to Fall – Market Updates Bitcoin NewsBitcoin moved towards $31,000 on Wednesday, ahead of June's inflation report from the United States. The CPI is expected to fall to 3.1%
Source: BTCTN - 🏆 531. / 51 Read more »
Thief breaks into Pico-Robertson boutique, flees on bicycleThe thief made off with about $3,000 worth of merchandise before riding off on a bicycle.
Source: FOXLA - 🏆 445. / 53 Read more »