Bitcoin
Bitcoin Price Falls Ahead of US Inflation Report and Fed Interest Rate Decision
Bitcoin’s value fell below $67,000 for the first time this month, ahead of the US inflation report and the Federal Open Market Committee’s decision on interest rates, both scheduled for this week.
O latest jobs report showed that the US economy added 272,000 jobs in May. Given continued inflation and robust job growth, investors have scaled back expectations for interest rate cuts this year.
The Fed has kept the current rate of around 5.5% stable since July 2023.
Bitcoin’s plunge on Tuesday also sent other cryptocurrencies tumbling, as total market capitalization fell 5.6% to about $2.5 trillion, according to CoinGecko.
Ethereum traded below $3,500, while Notcoin, the cryptocurrency of the Telegram-based viral clicker game, suffered the day’s biggest loss with an 18.6% drop.
Brett, the largest memecoin by market cap on Coinbase’s Ethereum layer 2 chain, wasn’t far behind, with a loss of 18.4%.
Inflows into the 11 U.S. spot Bitcoin exchange-traded funds also hit their lowest point of the month on Monday at $64.9 million, according to data from Distant investors.