Analysis: Cooling inflation and rising stock market cause bitcoin price to stall
2024-06-28 15:34:13
Although with inflation expectations stocks indices bitcoin stilldesk3cryptocurrencydesktopCrypto News
Despite some gains in stock indexes as inflation eased as expected, Bitcoin remained in the doldrums. Stocks edged up after the personal consumption expenditures (PCE) price index data, with the Dow Jones Industries Average Index, Standard & Poor's 500 Index, and Nasdaq 100 up 0.23%, 0.39%, and 0.55%, respectively. In stark contrast, the price of Bitcoin fell below $61,000. Market participants have been closely monitoring the inflation data to predict when the Federal Reserve will begin cutting interest rates, which is generally seen as favoring longer-term portfolios with greater risk tolerance. Bitfinex analysts said that since Wednesday's U.S. presidential election debate between Donald Trump and Joe Biden, bitcoin and the broader cryptocurrency market have been exhibiting uncertainty and volatility.
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