 ▲ Bitcoin (BTC) |
The price of cryptocurrency leader Bitcoin (BTC) recovered to the $68,000 level on the 13th (Korean time).
Bitcoin soared back to $70,000 on Wednesday as the U.S. released better-than-expected consumer price index (CPI) data for May, but the Federal Reserve (Fed) remained somewhat hawkish at its regular meeting of the Federal Open Market Committee (FOMC). By taking a stance (preferring monetary tightening), the BTC price returned to $67,000.
The price of Bitcoin, which had been on a roller coaster ride, re-entered the $68,000 range on Thursday following the news that the U.S. Labor Department's Producer Price Index (PPI) for May fell below market expectations.
The U.S. Department of Labor announced that PPI in May fell 0.2% compared to the previous month (up 0.5% in April). This figure is lower than market expectations (0.1% increase). PPI is reflected in CPI over time.
Meanwhile, QCP Capital, a Singapore-based cryptocurrency trading company, said, "The U.S. FOMC June dot plot (an indicator showing the interest rate outlook of participating members) released the previous day is still ambiguous, so it is difficult to predict how many interest rate cuts will be made this year. However, 11 “There is a high possibility that the market will be watched from December to December, so considering the approval of the Ethereum (ETH) spot ETF, the market will be optimistic this year.”
