Bitcoin slides ahead of Powell's remarks

Economies.com
2024-05-14 13:25PM UTC

Bitcoin lost over 2.5% on Tuesday, trending lower for the first time in four days amid risk aversion following US producer prices data, which hurt the odds of an early Fed interest rate cut. 

 

Now traders await more clues later today, including a speech by Fed Chair Jerome Powell in Holland. 

 

The Price 

 

Bitcoin fell 2.8% at Bitstamp today, or $1,766 to $61,151, with a session-high at $63,075. 

 

Bitcoin rose 2.4% on Monday, the third profit in a row amid strong purchases around the $60,000 barrier. 

 

Crypto Market Value 

 

Crypto market value fell by over $40 billion today to a total of $2.380 trillion as both ethereum and bitcoin carry losses.

 

US Yields 

 

US 10-year treasury yields rallied by a single basis point to a week high at 4.534%, hurting risk appetite.

 

The gains came after earlier US producer prices data, which surpassed estimates and underlined the ongoing threat of inflation.

 

US Rates

 

Following the data, the market odds of a July interest rate cut stood at 25%, and the odds of a September rate cut stood at 63%. 

 

Powell

 

Fed Chair Jerome Powell is expected to speak in Amsterdam later today, and will take audience questions on the future of inflation and interest rates.

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