Bitcoin Consolidates as U.S. Inflation Ticks Higher – Crypto News – Crypto News
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Bitcoin Consolidates as U.S. Inflation Ticks Higher Bitcoin Consolidates as U.S. Inflation Ticks Higher

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Bitcoin Consolidates as U.S. Inflation Ticks Higher – Crypto News

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BTC, ETH and SOL trade flat while XRP dips.

The cryptocurrency market remained relatively calm on Friday following the release of new U.S. inflation data that showed a rise in core inflation.

Both Bitcoin (BTC) and Ethereum (ETH) remained flat on the day, trading at around $107,400 and $2,434, respectively. XRP decreased by around 1.4% to $2.09, while Solana (SOL) held steady at $142.

BTC Price

The total cryptocurrency market capitalization decreased by 2.4% in the last 24 hours to $3.39 trillion. Leveraged liquidations totaled around $153 million in the same period, according to CoinGlass. ETH liquidations amounted to over $43 million, while BTC followed with $24 million. Altcoin liquidations totaled approximately $15 million.

In the U.S. exchange-traded funds (ETFs) space, spot BTC ETFs recorded $229 million in inflows on June 26, marking the thirteenth consecutive day of inflows. Meanwhile, spot ETH ETFs recorded $26 million in outflows yesterday, according to SoSoValue data.

U.S. Inflation Data

Experts attributed the market’s choppiness to fresh U.S. inflation data released earlier today. The personal consumption expenditures (PCE) price index rose 0.1% in May on a seasonally adjusted basis, raising the annual rate to 2.3%.

Core PCE, which excludes food and energy categories, increased by 0.2% for the month and 2.7% over the past year. Both figures came in slightly higher than economists’ expectations of 0.1% and 2.6%, respectively. Federal Reserve Chair Jerome Powell has repeatedly emphasized the Fed’s 2% inflation target, a level not seen since 2021.

In addition to the inflation data, experts pointed to lingering investor caution following the jobless claims report released on Thursday. The data showed that 236,000 people filed new unemployment claims last week, 10,000 fewer than the previous week and below economists’ forecast of around 245,000.

“So, we got negative consumer spending and negative consumer income, yet hot core PCE (i.e., inflation),” said market analyst Gordon L. Johnson on X, formerly Twitter. “Yet, still, stocks are making new all-time-highs on ‘trade deal’ comments? I guess the data, indeed, does not matter. But, at some point, bluster from the @WhiteHouse will not be enough to pad company earnings.”

Earlier this week, Powell reaffirmed that the Fed will take a wait-and-see approach before deciding whether to cut interest rates.

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