WHY BITCOIN IS DUMPING?
1) High CPI Data
The US CPI data came in higher than expected.
The expectation was 3.4%, but the data came in at 3.5%.
A higher than expected CPI means the FED can continue its hawkish stance.
2) Rate Cuts Postponed
The market was expecting a rate cut in June, but after today's CPI data, the probability of it happening has gone down.
Now, the FED swaps is pricing in 50BPS rate cuts rather than 75BPS, and that too will happen after June.
These are the major reasons behind BTC's recent dump.
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