Published on 13 Jun 2023 on CoinDesk via Yahoo Finance
Bitcoin Seesaws Back Under $26K After CPI, as Investors Await Fed Rate Hike Decision
Bitcoin at least for a while liked the sound of waning inflation as reflected in Tuesday’s release of the May Consumer Price Index (CPI).
The largest cryptocurrency in market value was recently trading at $25,846, down 0.2% over the past 24 hours and off the higher perch over $26,000 it assumed in the hour after the U.S. Bureau of Labor Statistics announced that the CPI had risen 4%, better than the projected 4.1% and then April’s 4.9%.
BTC has been stagnant below $26,000 for much of the past four days as investors set aside angst about Securities and Exchange Commission (SEC) lawsuits against crypto exchanges Binance and Coinbase, and awaited the latest inflation reading and Wednesday’s Federal Reserve interest rate decision.