{"id":21744,"date":"2023-06-12T21:00:12","date_gmt":"2023-06-13T01:00:12","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-prices-have-a-lot-at-stake-inflation-and-the-fed-are-looming\/"},"modified":"2023-06-12T21:00:13","modified_gmt":"2023-06-13T01:00:13","slug":"bitcoin-prices-have-a-lot-at-stake-inflation-and-the-fed-are-looming","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=21744","title":{"rendered":"Bitcoin Prices Have a Lot at Stake. Inflation and the Fed Are Looming."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies edged higher Monday, with digital assets primed to react to key macroeconomic forces in the coming days with U.S. inflation data and a decision on interest-rates from the Federal Reserve.<\/p>\n

\n

The price of Bitcoin has risen 1% over the past 24 hours to above $26,000, on the lower end of the trading range between $26,000 and $27,000 that has dominated since the largest digital asset slid back from 10-month highs above $30,000 in April. Bitcoin tumbled to $25,500 last week and again in volatile weekend trading following a U.S. regulatory crackdown, with the Securities and Exchange Commission charging exchanges Binance and
\n Coinbase Global
\n (ticker: COIN) in the past week. Cryptos though mostly have shaken off regulatory pressures for now.<\/p>\n

\u201cWe\u2019ve just had crypto\u2019s most seismic week since the implosion of FTX, and the regulatory reverberations will be felt into the distant future, however the attention now turns to this week\u2019s macro double-header,\u201d said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo.<\/p>\n

Indeed, Bitcoin is likely to move in tandem with the stock market this week, reacting alongside the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n amid major macro news. Tuesday will see the release of the U.S. consumer-price index (CPI) for May\u2014representing key inflation data\u2014before Wednesday ushers in the next decision on interest rates from the Fed.<\/p>\n

A dramatic rise in interest rates since March 2022 has been a driving force behind declines in digital assets, and Bitcoin\u2019s rally this year\u2014a rise of some two-thirds\u2014has come amid expectations that rate increases will soon end and eventually reverse. Investors want to see the Fed hit the pause button on rates for the first time in this cycle, but also wil scrutinize communications from the central bank on whether more rate hikes are likely to come in the months ahead.<\/p>\n

\u201cThere\u2019s a lot at stake for Bitcoin and cryptocurrencies in a week we get the latest U.S. inflation report and a Fed rate decision, even with expectations for a pause in the U.S. tightening cycle,\u201d said Trenchev. \u201cA hawkish pause, or skip, which opens the door to a further hike in coming months would add another layer of unease and uncertainty to a jittery crypto market.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014rose less than 1% to $1,750. Smaller cryptos or altcoins saw dramatic jumps after a weekend of deep selling, with
\n Cardano
\n up 9% and
\n Polygon
\n popping 7%. Memecoins were more muted, with
\n Dogecoin
\n and
\n Shiba Inu
\n shedding 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies edged higher Monday, with digital assets primed to react to key macroeconomic forces in the coming days with U.S. inflation data and a decision on interest-rates from the Federal Reserve. The price of Bitcoin has risen 1% over the past 24 hours to above $26,000, on the lower end of the […]<\/p>\n","protected":false},"author":1,"featured_media":21473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-21744","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Prices Have a Lot at Stake. 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