Market

CPI Hits Expectations At 4%, BTC Price Has A Slight Recovery

Key Points:

  • The consumer price index (CPI) in the US in May increased by 4.0% compared to the same period in 2022 and was lower than experts’ estimate of 4.1%.
  • This is a very positive signal for the possibility that the FED will STOP raising interest rates at dawn on June 15.
  • BTC price recovered slightly after the news but is still in a downtrend.
Newly released data shows that the consumer price index (CPI) in the US in May increased by 4.0% compared to the same period in 2022. This number is remarkable because it has just been lower than the estimate of 4.1% experts.

The US announced that the annual CPI rate in May was 4%, expected 4.1% and the previous value was 4.9%, a sharp decrease. This is the 11th consecutive drop and the lowest since March 2021.

CPI peaked in June 2022 and has since continued to decline (11 consecutive months of decline). However, inflation is still more than double the Fed’s target level of 2%, but this is a very positive signal for the possibility that the FED will STOP raising interest rates at dawn on June 15.

On Core Inflation – Core CPI (Excluding Food and Energy Prices) is still up 0.4% on the month and up 5.3% from a year ago, suggesting that although price pressures have eased somewhat, The Fed still has a lot of work to do, interest rates will remain at peaks for a long time.

BTC price slightly recovered shortly after the news but quickly fell back to the $26,000 previously reported. As expected, BTC price is still in a downtrend. Despite receiving positive news from the macro market. The SEC’s legal battle with the two most significant exchanges in the crypto market, Binance, and Coinbase, is still ongoing is sinking the price of tokens.

24h BTC price chart. Source: CoinMarketCap

Tomorrow there will be a big battle between Binance and the SEC in court, which could create a wave that will send the market into turmoil. Binance.US will go to court to fight the SEC’s urgent request for a temporary restraining order and asset freeze.

Binance.US’s arguments argue that the SEC’s allegations are an “excessive harshness” and that the order is tantamount to forcing them to shut down the company. The company has made “significant efforts” to cooperate with the SEC since December 20, 2020.

However, the SEC calls 68 cryptocurrencies a security but has not been able to prove this (meaning that this is still up to the judge’s decision). Binance.US argued that the SEC could not pinpoint a specific case involving mishandling or misusing customer assets. So, there is no such thing as an ’emergency’ risk. The SEC creates an emergency call to serve their purposes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

48 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

3 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

4 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

5 hours ago

This website uses cookies.