Bitcoin bulls take aim at $31,000 as cryptos trend higher ahead of June CPI Bitcoinprice BTC crypto
- Crypto prices were on the rise Monday afternoon as investors prepared for a week focused on inflation, interest rates and second-quarter earnings.
Stocks edged higher ahead of this week's Consumer Price Index report, with economists expecting a 3.1% increase for the year ended in June, which would be a cooldown from the 4% annual increase seen in May. At the close of markets, the S&P, Dow and Nasdaq all finished in the green, up 0.24%, 0.62%, and 0.18%, respectively.
With all eyes now focused on the Federal Reserve and CPI, Greg Magadini, Director of Derivatives at Amberdata, said “The Fed’s June rate ‘skip’ is a ‘wait-and-see’ decision and CPI data is part of the picture they’re waiting to ‘see’.” Based on Amberdata’s observations, the CPI release is unlikely to have much of an effect on Bitcoin and the crypto market as a 25 bps is widely expected and already priced in.
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