Bitcoin hung precariously around $30K after the latest CPI showed inflation cooling slightly. Ether recently traded at $1.9K. Investors are awaiting Ethereum’s Shapella upgrade, which is expected to go live late Wednesday. _jocelynyang_ reports
showed inflation cooling slightly, but not as much as economists had expected.
The largest cryptocurrency by market capitalization was recently at $30,030, off a few fractions of a percentage point over the past 24 hours, according to CoinDesk’s data. BTC’s price reached as high as $30,548 earlier Wednesday after the Bureau of Labor Statistics’ much-watched, inflation reading showed the CPI rising 0.1% increase in March, slower than economists' 0.2% forecast for the month and then February’s 0.4% reading.
BTC's profit-taking is"intensifying" following the report, Edward Moya, senior market analyst at foreign exchange Oanda, wrote in a Wednesday note. “It seems the momentum rally for Bitcoin might be over for now,” Moya wrote. “Inflation hedge and or a breaking of its correlation from equities might subside for a while.” He added that BTC looks poised to consolidate as"it will clearly need a robust catalyst to keep the rally going.”
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