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<p>The price of Bitcoin, although has seen quite a bullish move this year, continues to dump, failing to reach its new all-time high of $73,000 again despite a number of attempts. Although many experts expect a bullish move to above $100,000, its actualization is now looking longer than anticipated. The price is now trading above $70,000 again at the time of writing, but what was behind the recent dumps? According to analyst <a href="https://twitter.com/Ashcryptoreal/status/1778098503186575769?t=6qo_0FvU9WDdx9_pY8extw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Ash Crypto</a>, recently released U.S. inflation data seems to be the primary culprit.</p>
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<p>The Consumer Price Index (CPI), which measures the cost of a basket of consumer goods and services, came in hotter than expected at 3.5% versus an anticipated 3.4%. A higher CPI reading suggests persistent inflationary pressures, potentially forcing the Federal Reserve to maintain its aggressive monetary tightening path.</p>
<p>“A higher than expected CPI means the Fed can continue its hawkish stance,” explained Ash Crypto in a viral Twitter thread. “The market was expecting a rate cut in June, but after today’s CPI data, the probability of it happening has gone down.”</p>
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<p>Prior to the inflation report, markets had priced in expectations for a 75 basis point rate cut from the Fed as soon as June. However, the elevated CPI print has traders ratcheting back those dovish forecasts.</p>
<p>“Now, the Fed swaps is pricing in 50 basis point rate cuts rather than 75 basis points, and that too will happen after June,” added the popular analyst.</p>
<p>Higher interest rates make holding non-yielding assets like bitcoin less attractive, while also potentially curbing speculative investing activity. The Fed’s continued hawkish stance creates a challenging environment for risk assets like crypto.</p>
<p>Of course, bitcoin has overcome headwinds in the past and many investors remain bullish long-term. But this latest inflation scare appears to be weighing on prices for now as the market recalibrates its Fed expectations. The road ahead for the leading digital asset remains rocky.</p>
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<p>The post <a href="https://captainaltcoin.com/why-has-bitcoin-btc-been-dumping-recently/" rel="noopener noreferrer nofollow">Why Has Bitcoin (BTC) Been Dumping Recently?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Has Bitcoin (BTC) Been Dumping Recently?

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