U.S. Inflation Eases in June: CPI Decreases to 3%, Core Rate Slides to 4.8%, Surpassing Expectations
Crypto Catalyst Watch: June's CPI and PPI Readings Take Center Stage
Bitcoin Surges Above $28K as U.S. Inflation Rate Drops to 4.9% in April
Early on Friday, Bitcoin declined under $22,000, undoing gains made as a result of this month's softer-than-expected U.S. inflation data.
According to data from CoinDesk, the top cryptocurrency by market cap dropped as low as $21,500, its lowest level since July 27.
Bitcoin prices have increased to roughly $25,000 from $22,800 in anticipation that inflation has peaked and that the Federal Reserve will embrace looser monetary policies in 2023 and halt the rate of interest-rate hikes in the U.S. Bond yields, on the other hand, have been steady in the wake of the consumer price index (CPI) data on August 10, suggesting that dovish predictions made by bitcoin traders may not have been accurate.
Today's increase in the 10-year Treasury yield, which has been rising from the post-CPI low of 2.63%, brought it to its highest level since July 21.
The July Federal Reserve meeting minutes that were revealed on Wednesday went against the dovish predictions.
Early this week, ING analysts predicted that the financial environment would likely tighten before the September Fed meeting, portending increased volatility in risky assets.
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