Within the last 24 hours, Bitcoin and the entire crypto market are experiencing a slight downturn, leaving investors wondering about the reasons behind this dip. Bitcoin briefly rose to $31,009 before falling to 30,254 within a few hours. Ether (ETH) rose to over $1,900, only to drop back to $1,868.
CPI Data And The Anticipation Of A Rate Hike
One crucial piece of the puzzle lies in the recent Consumer Price Index (CPI) data. Yesterday’s CPI data for June was a positive surprise as the headline CPI year-over-year (YoY) fell to 3.0%, coming in below expectations of 3.1%. Even more encouraging was core CPI YoY which dropped to 4.8%, surpassing market expectations of 5.0%.
However, this didn’t significantly alter the market’s view on the upcoming rate hike decision by the Federal Reserve at the end of the month. According to the CME FedWatch Tool, the market still expects a 25 bps hike by the Fed at the next meeting on July 25-26 with a 93% probability. Renowned macro analyst Ted (@
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