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Bitcoin (BTC) Suddenly Reclaims $69K. Here’s Why

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Wed, 12/06/2024 - 12:36
Bitcoin (BTC) Suddenly Reclaims $69K. Here’s Why
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The price of Bitcoin (BTC) has managed to reclaim the pivotal $69,000 level after the release of the May consumer price index (CPI).

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The unadjusted CPI annual rate in May was lower than expected (3.3% vs. 3.4%). 

Notably, US CPI was flat on the month despite estimates for a gain of 0.1%. 

“Big relief for inflation watchers.  S&P futures rally 40 points, bond yields drop as May CPI comes in unchanged month-over-month, below expectations of up 0.1%; ex-food & energy up 0.2%, also below expectations of up 0.3%,” CNBC’s Bob Pisani said. 

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Swaps traders now overwhelmingly expect the Federal Reserve to opt for a quarter-point rate cut in November following the recent inflation data.

As reported by U.Today, the flagship cryptocurrency slipped to the $66,000 level on Tuesday due to the double-whammy of Bitcoin exchange-traded fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now pared its recent losses due to the encouraging inflation data. 

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Bitcoin has surged in tandem with US stocks. S&P 500 futures are up more than 50 points after the CPI report. 

Meanwhile, the 10-year Treasury yield has dropped to 4.273%, the lowest level since Apr. 1. 

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