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Bitcoin Share
Seeking Alpha 2023-06-13 14:29:05

Bitcoin slightly higher as CPI rises at slowest pace since April 2021

Bitcoin slightly higher as CPI rises at slowest pace since April 2021

Bitcoin ( BTC-USD ) traded slightly in the green in Tuesday morning trading as U.S. headline inflation rose at the slowest pace since April 2021, spurring traders to increase their bets that the Federal Reserve will skip a rate hike at its Wednesday meeting. The digital token advanced 0.7% to $26.0K at 10:29 a.m. ET, after reaching as high as $26.3K just seconds after the CPI release. Ethereum ( ETH-USD ), though, hovered around breakeven levels at $1.73K. Overall, the global crypto market cap gained 1% to $1.06T, according to CoinMarketCap data . The modest relief in crypto prices coincided with continued strength in the stock market. Headline consumer prices rose 4.0% Y/Y in May, slightly trailing the 4.1% consensus, slowing from the 4.9% increase logged in the prior month. Stripping out volatile food and energy prices, core CPI increased 5.3%, matching expectations, down from +5.5% in April. That prompted traders to boost their bets that the Fed will skip a rate hike at its meeting on Wednesday. The probability of such a move (i.e., staying at 5.00%-5.25%) jumped to 95.3% after the CPI print, from 79.1% a day earlier, according to the CME FedWatch tool . Crypto-exposed stocks mostly tilted higher at the time of writing, with CleanSpark ( CLSK ) +4.7% , Coinbase Global ( COIN ) +1.3% , MicroStrategy ( MSTR ) +0.3% , and Bakkt ( BKKT ) +2.6% . Seeking Alpha analyst Nikolai Galozi laid out a Strong Buy recommendation for BTC even as "a capitulation event seems likely if unemployment rapidly picks up."

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