The macro environment continues to be a key driver for crypto performance, according to a Coinbase report.

Analysts David Han and David Duong cited the rebound in bitcoin prices following the softer CPI print for April as evidence of a macro-led driver in the sector. 

"Macro continues to be a key driver for crypto performance. The 3.4% year-on-year inflation figure is consistent with our out-of-consensus view that we’re still operating within a disinflationary trend that could take inflation growth to within the mid-two handle by year-end," Han and Duong said.

Inflation still a concern

However, the analysts still have mixed views on inflation in the U.S., expressing concern about the persistent shelter costs in the CPI data released on Wednesday.

They also noted that last …