Bitcoin traders are still paying attention to American economic data that can influence the Federal Reserve’s course for interest rates. Over the previous 24 hours, the price of Bitcoin has decreased by less than 1% to $27,250. After the publication of U.S. inflation figures, the price of Bitcoin increased somewhat, by roughly $50.
The greatest digital asset is reversing course after reaching a high of over $28,000 on Tuesday following a landmark decision against the Securities and Exchange Commission in a case that might open the door for a spot Bitcoin exchange-traded fund.
After a spike in purchases, the cryptocurrency market is cooling, according to analyst Alex Kuptsikevich of broker FxPro. “Despite the increased traction of risk in traditional markets, Bitcoin briefly fell to $27,000 on Wednesday, about half of its initial jump from $26,000 to $28,000, and back below its 200-day and 200-week averages.”
In fact, Bitcoin has fallen below the Dow Jones Industrial Average and the S&P 500 in recent days, continuing a trend that has brought about one of the lowest price peaks in crypto history. Traders’ wagers that the Federal Reserve’s preferred inflation gauge, personal consumption expenditures (PCE) data, would act as a new trigger on Thursday appear to have failed.