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(as of 3:00 AM UTC, June 14, 2023)
With the release of the U.S. Consumer Price Index (CPI) for May, which rose at a slightly slower pace than predicted (4% versus the expected 4.1%), Bitcoin (BTC) initially rallied beyond the $26,000 mark. However, it slipped back under $26,000, likely reflecting market caution and the anticipation of an impending Federal Reserve decision on interest rates.
The potential halt in the Federal Reserve’s more-than-a-year-long campaign of interest rate hikes comes as investors wrestle with a market both reassured and shaken by recent legal actions against crypto exchanges Binance and Coinbase. Alongside Bitcoin, other cryptocurrencies have exhibited a mixed performance in response to the lawsuits and the expected Fed decision.
In contrast, major stock indexes like the Nasdaq Composite and S&P 500 responded positively to the CPI data, indicating an inverse relationship between inflation and stock performance.
However, even amid these optimistic signs, concerns persist about the broader U.S. economy. Worries about a looming recession could bring about more volatility for Bitcoin and other cryptocurrencies. Still, industry leaders suggest this could be an opportunity rather than a threat. Should the economy trend towards negative growth, cryptocurrencies may serve as alternative investments or hedges against traditional market downturns.
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