06/13/2024 – 16:55
Bitcoin and ethereum retreated this Thursday, the 13th, one day after the Federal Reserve (Fed, the North American central bank) indicated that it should cut interest rates just once this year, despite another piece of data showing milder inflation than expected. expected.
At around 4:50 pm (Brasília time), bitcoin fell 1.83%, to US$66,676.17 while ether lost 3.50%, to US$3,469.45, according to Binance.
On Wednesday, the Fed followed the script expected by the market by maintaining interest rates in the range between 5.25% and 5.50%, but the dot chart exposed the expectation of most managers for only a reduction of 25 points- based on the base rate in 2024 – in March, the majority forecast was for three cuts.
The more cautious signaling from the monetary authority pushed the reaction to the more benign inflation indicators in the USA into the background. The producer price index (PPI) had an unexpected drop of 0.2% in May compared to April, according to the country’s Department of Labor reported yesterday.
There was also no significant reaction to Securities and Exchange Commission Chairman Gary Gensler’s warning that spot ethereum exchange-traded funds (ETFs) will likely be approved at “some point” over the summer. of the Northern Hemisphere.
Thus, pressure on crypto assets prevailed throughout the day. Analyst Alex Kuptsikevich, from FxPro, warns that a stronger bitcoin sell-off could take it below US$65,800. “The positive effect of the soft inflation report was erased by the Fed’s comparatively tight stance, which suppressed appetite for risky assets,” he summarized.
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