May 11, 2023: On Wednesday, Cryptocurrency costs scarcely increased following the consumer price index report showed.
Bitcoin has lost a gain of over 2% and was previously hovering above the flatline at $27,748.24, according to Coin Metrics. At one point, it increased above $28,000. Ether has pared gains and was previously higher by below 1% at $1,854.33.
Investors increased optimism following the CPI report showed the inflation rate reduced annually to 4.9% in April, slightly less than what economists polled by Dow Jones anticipated.
“When it includes inflation data, bitcoin embraces identifying as a riskier asset,” Callie Cox, an analyst at investment company eToro, has stated. “Bitcoin has performed the S&P 500 on five out of the previous six CPI days, and it’s on track creating it six out of seven with gains.”
“Inflation is coming down, as the Fed wanted, and that’s easing fears about the economy’s upcoming days,” she added. “Lower inflation supports the case for the end of price hikes, and higher rates are what started the crypto winter more than a year.”
CPI coming in less than economists’ forecast further cements the markets’ anticipation of rate hikes stopping and rate slashes coming at some point this year, said Steven Lubka, the managing director at Swan Bitcoin.
“Ultimately, this shows an easing of tight liquidity conditions, an environment in which Bitcoin has done well historically,” he stated.
Bitcoin’s correlation with the S&P 500 increased to historic levels in 2022 as the Federal Reserve raised interest rates yearly. The flagship cryptocurrency’s price dropped 65% in 2022.
That link with stocks has fallen this year, however. At the same time, bitcoin’s price and correlation with gold have increased. Crypto has also found other catalysts beyond inflation and the Fed, which include the regional banking crisis and the regulatory crackdown in the U.S. Market participants have increasingly concentrated on Ordinals. This protocol permits storing and trading digital ranges on the Bitcoin blockchain and meme coins.
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