LIVE"The Fed's favorite inflation data" is released! Why did Bitcoin rise and fall? Two major events happened in the currency circle today!
Tonight, the inflation data most favored by the Federal Reserve [Core PCE Price Index] was released, ushering in a three-year low, with a year-on-year growth rate of 2.8%, the same as the expected 2.8%, which is in line with expectations overall. After the data was released, traders also raised the probability of a rate cut in September.
As soon as the data came out, Bitcoin broke through 69,000 US dollars, reaching 69,044, but soon rose and fell. The price before the article was 67,427. Why did Bitcoin fall when the inflation data was good?
First of all, the PCE released is a monthly index, and the overall impact is not as high as the annual rate. Overall, it can only be regarded as a small positive, not a super positive.
Secondly, according to the Chicago Fed Observation Tool, the probability of the Federal Reserve staying on the sidelines in June is close to 100%, and the possibility of opening the door to rate cuts in September is less than 50%.
In general, although there is no big positive, there is no bad news at least, and Bitcoin is still fluctuating around 67,000.
In addition, two major events happened in the cryptocurrency circle tonight, which are worth paying attention to:
①Binance's market value exceeded Meituan! It reached 87.65 billion US dollars, ranking 206th in the global asset ranking; while Meituan's current market value is 83.3 billion US dollars, ranking 221st in the global asset ranking, and BNB's market value is about 4.35 billion US dollars higher than Meituan.
②Trump was convicted of 34 felonies and may run in prison. However, the crypto community has mixed reactions to the news. Some people believe that there is no evidence that Trump's conviction threatens the US Constitution and believe that Trump is unlikely to go to jail. Others believe that this conviction may weaken his support among voters.
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