ANALYSIS: Cooling Inflation and Rising Stock Markets Lead to Bitcoin Price Stagnation
Bitcoin remains in the doldrums despite stock indices rising as inflation moderates as expected. Stocks rose slightly after the Personal Consumption Expenditures (PCE) price index data came out, with the Dow Jones Industrial Average, SP 500, and Nasdaq 100 up 0.23%, 0.39%, and 0.55%, respectively. In stark contrast, the price of Bitcoin fell below $61,000. Market participants have been closely watching inflation data to predict when the Federal Reserve will begin to cut interest rates, which is often seen as favoring longer-term portfolios with a greater tolerance for risk. bitfinex analysts said the bitcoin and wider cryptocurrency markets have been displaying uncertainty and volatility since Wednesday's U.S. presidential election debate between Donald Trump and Joe Biden.
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