Bitcoin decides that bad news is not bad enough as upside volatility accompanies proof that U.S. inflation remains sticky.
Market Update Join us on social networksBTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewBitcoin shrugs off new U.S. inflation woes
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $27,000 on Bitstamp.
The pair rose unexpectedly after the day’s Personal Consumption Expenditures (PCE) data showed its first rises since October 2022.
Such a reading should present a headwind for risk assets, including crypto, as it implies that inflation remains persistent and that more financial tightening may be required to tame it.
“This is a major setback to the Fed’s fight against inflation,” financial commentary resource, The Kobeissi Letter, wrote in part of a response.
Kobeissi noted that expectations
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