Bitcoin slides amid hotter-than-expected US wholesale inflation | Headlines | News | CoinMarketCap
05/14/2024 22:08
Bitcoin slid lower on Tuesday as April's U.S. wholesale inflation topped economists' expectations. The largest digital asset by market cap has …
Bitcoin slid lower on Tuesday as April's U.S. wholesale inflation topped economists' expectations.
The largest digital asset by market cap has fallen below the $62,000 mark, having declined 1.6% in the past 24 hours to trade at $61,731 at 10:10 a.m. ET, according to The Block’s Price Page.
Bitcoin declined as hotter-than-expected U.S. wholesale inflation wobbled markets. Image: The Block.
According to the U.S. Bureau of Labor Statistics on Tuesday, the Producer Price Index (PPI) rose 0.5% in April. Economists had forecast a smaller 0.3% increase in PPI.
Traders will closely monitor this week's inflation readings
Traders will closely monitor Tuesday's PPI and Wednesday's Consumer Price Index (CPI) for clues regarding interest rates. According to Wintermute analysts, the …