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Home»ADOPTION NEWS»Bitcoin slumps as inflation and stock market rally cools
ADOPTION NEWS

Bitcoin slumps as inflation and stock market rally cools

By Crypto FlexsJune 30, 20243 Mins Read
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Bitcoin slumps as inflation and stock market rally cools
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Stocks were flat over the past 24 hours despite gains as investors digested new personal consumption expenditures (PCE) price index data showing inflation is cooling.

After the opening bell rang in New York, stock indices turned green. The Dow Jones Industrial Average, S&P 500, and NASDAQ-100 rose 0.23%, 0.39%, and 0.55%, respectively. In contrast, Bitcoin, the largest digital asset by market capitalization, was trading around $61,640 at the time of writing, according to The Block’s price page, and has been trading flat for the past 24 hours.

The morning stock rally came after a Commerce Department report Friday showed inflation slowed in May to its lowest annual rate since 2021. Excluding volatile food and energy prices, the core PCE index rose just 0.1%, or 2.6%, last month, matching economists’ estimates for the past year.

Inflation data influences the Fed’s interest rate decisions

Market participants have been closely monitoring inflation data to try to predict when the U.S. Federal Reserve will start cutting interest rates, which is often seen as beneficial for long-term portfolios with a high risk tolerance.

According to the CME Group FedWatch tool, traders currently expect a 59.5% chance that the central bank will cut rates at the September Federal Open Market Committee (FOMC) meeting.

The U.S. Federal Reserve targets an inflation rate of 2% and will begin raising interest rates in March 2022. The Federal Reserve last raised rates in July 2023 and has since kept rates in the range of 5.25% to 5.50% for benchmark overnight lending levels. 23 years.

Uncertainty permeates Bitcoin and the broader cryptocurrency markets.

Bitcoin and the broader cryptocurrency markets are experiencing a mix of uncertainty and volatility following Wednesday’s presidential debate between Donald Trump and Joe Biden, according to Bitfinex analysts.

“Following the first debate between Donald Trump and Joe Biden, markets have seen a mix of uncertainty and volatility as investors digest the implications of the debate,” Bitfinex analysts told The Block.

They added that many cryptocurrency investors clearly prefer Donald Trump’s recent performance in embracing the cryptocurrency industry. “Memecoins like TRUMP and MAGA, based on Republican election slogans, are up 11% and 16% respectively on the day, while several other memecoins linked to Donald Trump are up, at least for a moment,” the analysts added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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