Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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0.24%Reading
Bitcoin has dropped following news that inflation in February was hotter than expected.
The price of the biggest digital asset by market cap is now down nearly 3% in 24 hours, according to CoinGecko. Its price stands at $70,920 per coin. Overnight, Bitcoin touched a new all-time high of slightly above $73,700.
Data from the Labor Department's Bureau of Labor Statistics showed on Thursday that the producer price index jumped 0.6% last month. It was expected to rise just 0.3%—meaning that inflation isn't going away just yet.
The index measures the change in the prices after they leave a manufacturer and is a key indicator of inflation.
Stocks didn't move much at first, but have since dropped lower. The S&P 500 is down by 0.2% while the tech-heavy Nasdaq has fallen nearly 0.2%. The Dow Jones Industrial Average is also down by about 0.3%. U.S. equities—particularly tech stocks—are "risk assets," and tend to drop on hot inflation data with cryptocurrencies.
Bitcoin to the moon? Some crypto data experts certainly think so. The price of Bitcoin is currently at $72,880, data from CoinGecko shows. Earlier on Wednesday, it hit another new all-time high price of over $73,600 per coin, continuing a recent string of upward surges. The new heights are down to the continued success of the spot BTC exchange-traded funds (ETFs), which are receiving record inflows amid rising demand from traditional investors. Bitcoin is said to be in price discovery mode righ...
Investors are hoping that the Federal Reserve will cut interest rates by May, but the central bank may keep them where they are if inflation doesn't come down in the world's largest economy.
Experts have told Decrypt that the price of Bitcoin would continue to surge if interest rates do come down.
Bitcoin and the wider crypto market has surged following the approval in January of spot Bitcoin exchange-traded funds, or ETFs, which let investors gain exposure to the cryptocurrency without actually having to hold and store it.
The funds have recorded huge inflows and trading day volumes. Net inflows this week for the 10 ETFs passed the $1 billion mark, and the funds now have over $60 billion in assets under management.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies. This week: GameStop makes a big splash with its Bitcoin announcement, then fumbles with a debt offering; BTC miners are in for a world of hurt as fees shrink; and Robinhood gets a New Jersey slap on the wrist for its prediction market debut. GameStop presses play on Bitcoin There was a lot of excitement for GameStop’s Q4 earnings report because it was heavily hinted—and then confirmed—that the comp...
Bitcoin and other major cryptocurrencies are in the red Friday, with top coins falling to their lowest prices in at least a week as stock markets are similarly rattled by hotter-than-expected inflation data. The price of Bitcoin dipped to $83,609 early Friday afternoon, and is currently down about 4% on the day at a current price of $83,736. It's down just 0.4% on the week, but the Friday slide has cooled rising momentum seen in recent days. Other top coins have shown sharper losses over the pas...
The Bitcoin price fell below $85,000 on Friday as investors digested a hotter-than-expected inflation print amid uncertainty surrounding the latest tariffs from U.S. President Donald Trump. The core Personal Consumption Expenditures Price Index (PCE) rose 0.4% in February, marking its largest monthly increase in over a year, the U.S. Commerce Department reported on Friday. Economists had expected the index to show a 0.3% increase, per Trading Economics. The Federal Reserve’s preferred inflation...