Bitcoin
rises to $68,500 before PCE test, with positive May forecast By Investing.com
Investing.com – The price rose slightly on Friday as traders remained averse to cryptocurrencies ahead of key US inflation data that is likely to influence the interest rate outlook, although the token was still making strong gains in May.
Cryptocurrency prices got little relief from the overnight decline in , as fears of higher interest rates for longer remained in play despite a downward revision to first-quarter data.
Bitcoin is up 1.1% in the last 24 hours to $68,558.5 at 08:32 ET (12:32 GMT), and is expected to rise almost 13% in May.
But despite the month’s gains, the token still remained within the $60,000 to $70,000 trading range established since mid-March.
Inflation and interest rates in focus ahead of PCE data
Fears over rates were the biggest factor behind Bitcoin’s limited performance, as the prospect of high interest rates dampened the price outlook for the token and the broader crypto market.
Several Federal Reserve officials warned in recent sessions that the central bank had little confidence that inflation was slowing, which in turn clouded its plans to begin cutting interest rates.
His comments came ahead of the headline data, which is the Fed’s preferred inflation gauge. The reading will be released later this Friday and is expected to show that inflation cooled slightly in April but remained well above the Fed’s 2-year annual target. .
The prospect of high rates for longer periods is little bothersome for crypto markets, as it heralds tight liquidity and diminishes the appeal of high-risk speculative assets.
Crypto Price Today: Altcoins Mixed, Ether Set for May Bump Due to ETF Hype
The broader crypto markets had mixed performance on Friday.
The world’s No. 2 token rose more than 1.7% to $3,807.08. But the altcoin was expected to rise nearly 25% in May, with most of its gains coming last week after the Securities and Exchange Commission marked some progress toward approving an exchange-traded fund that directly tracks the token. But a decision on the actual listing of a spot Ether ETF has not yet been made.
Meanwhile, it traded flat while adding 1.5%. SOL also stood out in April, with an increase of 30%.
TRUMP meme coin sees volatility as former US president found guilty
A New York jury has found former US President Donald Trump guilty in the much-discussed hush money trial.
Following the news, the TRUMP meme coin quickly dropped by as much as 35%. However, the crypto asset subsequently recovered and was trading up 19% at the time of writing.
On Thursday, the jury found Trump guilty of all 34 counts of falsifying business records, making him the first US president convicted of a crime.
Meanwhile, other meme coins saw limited price action, remaining stable and falling 0.3%. However, it was trading 10% higher.