Bitcoin Stays Below $28k Ahead of CPI Inflation Reading
Cryptowisser - Hassan Maishera
• Bitcoin continues to trade above $27,500 as investors wait for the latest CPI inflation reading.
• The April Consumer Price Index will give investors clues about the Federal Reserve's next monetary policy decision.
Bitcoin Stays Above $27,500
The cryptocurrency market has remained somehow stagnant over the past 24 hours. Bitcoin, the leading cryptocurrency by market cap, has maintained its price above the $27,500 level over the last few hours.
The performance comes as investors evaluate the upcoming Consumer Price Index (CPI) reading later today. Investors will be watching this CPI as it will play a crucial role in how the Federal Reserve will approach the next interest rate decision.
Earlier this month, the United States Federal Reserve raised interest rates by 25 basis points, pushing it to the highest level seen in 16 years. The CPI figure will give insight into the inflation levels in the US.
An increase in inflation could see the Federal Reserve double down on its interest rate hike. However, a decrease in inflation levels could see the Federal Reserve could down its rate hikes.
Ether, the second-largest cryptocurrency by market cap, continues to trade below the $1,900 level despite adding less than 1% to its value over the last 24 hours.