Investors will pay attention to the April Consumer Price Index released on Wednesday to find clues about the Federal Reserve's next monetary policy decision, as the stock market falls.Due to investors waiting for the latest US inflation report on Wednesday, Bitcoin traded sideways at around $27000 on Tuesday
Investors will pay attention to the April Consumer Price Index released on Wednesday to find clues about the Federal Reserve's next monetary policy decision, as the stock market falls.
Due to investors waiting for the latest US inflation report on Wednesday, Bitcoin traded sideways at around $27000 on Tuesday.
According to CoinDesk data, the largest cryptocurrency by market value has recently traded at around $27560, down 0.2% in the past 24 hours.
The Bitcoin price chart shows that the cryptocurrency's recent trading price on Tuesday was approximately $27000
Although the macro background has remained largely unchanged in the past few weeks, market observers will focus on Binance and whether people are seriously storing cryptocurrencies in cold wallets, "said Edward Moya, senior market analyst at Forex Oanda in a report. Attention on Tuesday.
Bitcoin seems to be stuck within a trading range, but if we have a risk free moment on Wall Street, it will be enough to push cryptocurrency to its mid March low, "Moya wrote.
The second largest cryptocurrency, Ethereum, fell about 0.4% on Tuesday to change hands at around $1844. Among other digital assets, the BCH of Bitcoin cash rose by over 9% on the same day, with a trading price of approximately $121.29, while Lido's governance token LDO recently rose by 6% to $1.85.
The CoinDesk Market Index (CMI), which measures the overall performance of the cryptocurrency market, rose by approximately half a percentage point on the same day.
Before the consumer price index for April was released on Wednesday, the stock market was mixed. The Standard&Poor's 500 Index and the Nasdaq Composite Index, which is dominated by technology stocks, closed 0.4% and 0.6% lower, respectively. The Dow Jones Industrial Average (DJIA) fell 0.1%.
In the bond market, the yield of two-year US treasury bond rose by 2 basis points to about 4.02%, while the yield of 10-year US treasury bond was almost the same as that of Monday, reaching 3.52%.
Investors will closely monitor CPI and seek clues on what action the Federal Reserve will take at its next policy meeting in June. The Federal Reserve approved a 25 basis point (bps) rate hike earlier this month, pushing the federal funds rate to its highest level in 16 years.
In an interview with CoinDesk, Mark Connors, the research director of Canadian crypto asset management company 3iQ, believed that the Federal Reserve was responsible for the recent banking crisis and stated that the institution was "inherently an arsonist and firefighter".
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