Coinspeaker
Bitcoin Price Drops to $35,000 but Analysts Continue to Be Optimistic
Over the last two days, the Bitcoin price has come under some selling pressure dropping another 3% in the last 24 hours and moving closer to $35,000. Bitcoin (BTC) encountered fluctuations on Tuesday following the release of the October Consumer Price Index (CPI) report by the United States Bureau of Labor Statistics (BLS). The data disclosed a reduction in inflation, standing at 3.2%, slightly below the anticipated 3.3%, and a decline from September’s 3.7%.
In the traditional markets, there is a prevailing sentiment that the Federal Reserve has concluded its rate hikes and might even consider rate cuts in the first half of 2024. In the latest session, the Nasdaq surged by 2.3%, marking a monthly gain of over 10%, while the S&P 500 rose by 1.8%.
Bond markets experienced notable shifts, with the 10-year Treasury yield plummeting by 20 basis points to 4.44%. This contrasts with the situation just thre
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