Bitcoin nears $27,000 despite 'hot' PCE data triggering June rate hike bets
Bitcoin decides bad news isn't bad enough as upward volatility accompanies evidence that US inflation remains sticky.< /p>
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Bitcoin (BTC) made quick gains during the May 26 Wall Street open as US macro data delivered an unpleasant surprise.
BTC/USD 1-Hour Candle Chart on Bitstamp. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $27,000 on Bitstamp.
The pair unexpectedly rose after today's Personal Consumption Expenditure (PCE) data showed its first gains since October 2022.
Such a reading should present a headwind for risky assets, including crypto, as it implies inflation remains persistent and further financial tightening may be needed to tame it.
"This is a major setback in the Fed's fight against inflation," financial commentary resource The Kobeissi Letter wrote in part of its response.
Kobeissi noted that expectations for interest rate hikes from the Federal Reserve are “moving rapidly” thanks to the PCE event.
According to CME Group's FedWatch tool, the market now narrowly favors a further rise in June, whereas before it was more than
Bitcoin decides bad news isn't bad enough as upward volatility accompanies evidence that US inflation remains sticky.< /p>
Market Update
Join us on social networks
Bitcoin (BTC) made quick gains during the May 26 Wall Street open as US macro data delivered an unpleasant surprise.
BTC/USD 1-Hour Candle Chart on Bitstamp. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $27,000 on Bitstamp.
The pair unexpectedly rose after today's Personal Consumption Expenditure (PCE) data showed its first gains since October 2022.
Such a reading should present a headwind for risky assets, including crypto, as it implies inflation remains persistent and further financial tightening may be needed to tame it.
"This is a major setback in the Fed's fight against inflation," financial commentary resource The Kobeissi Letter wrote in part of its response.
Kobeissi noted that expectations for interest rate hikes from the Federal Reserve are “moving rapidly” thanks to the PCE event.
According to CME Group's FedWatch tool, the market now narrowly favors a further rise in June, whereas before it was more than
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