Bitcoin ended last week in the red below the $26,000 region as the SEC sued two leading exchanges including #Binance and #Coinbase late last week.
After the US announced #CPI on June 13, Bitcoin price quickly increased 0.7% to $26,400.
The Labor Department announced that the inflation rate in the United States cooled in May. The consumer price index (CPI), which measures changes in prices of a wide range of goods and services, rose just 0.1% in the month, bringing the annual level down to 4%, marking its lowest level since March 2021 when inflation begins to increase.
However, by June 15, #bitcoin had plummeted, establishing a local bottom at $24,800, the lowest level since mid-March, after investors showed indifference to banking. The US central bank temporarily stopped raising interest rates. BTC's slow movement is likely due to a combination of factors, including market assessments of the U.S. Securities and Exchange Commission (SEC) lawsuits against exchanges major cryptocurrencies Binance and Coinbase, signals from the Fed on monetary policy and broader macroeconomic uncertainties.
Immediately after the market reacted to the Fed's announcement, nearly $140 million was liquidated in 24 hours, with Bitcoin recording $37.9 million and Ethereum seeing $55.3 million of the total. liquidation, accounting for about 75%.
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