Crypto Markets Analysis: While hourly data initially showed increased volatility after the CPI report, bitcoin’s daily price movement was relatively calm. GWilliamsJr_CMT reports
While hourly price charts showed an uptick in volatility, the daily price frame showed the opposite.After a brief bout of volatility, bitcoin brushed off positive inflation data in Wednesday’s Consumer Price Index report for June. The largest cryptocurrency by market capitalization was recently trading at about $30,300, down less than a percentage point over the past 24 hours.
The upbeat inflation news should have logically sent bitcoin higher in the immediate aftermath, but instead the price declined, even as volatility spiked. Bitcoin’s daily price wasn’t the only thing that shrugged at today’s data point. Per the CME Fedwatch tool, expectations that the Federal Open Market Committee would raise rates 25 basis points on July 26 are 94.9%, versus 93% a day prior.
Still crypto markets have largely decoupled from TradFi during 2023, with only the most surprising economic reports moving markets significantly.While CPI gets a lot of attention, the FOMC’s favored measure of inflation appears to be U.S. Personal Consumption Expenditures . In the most recent release of FOMC minutes, PCE is mentioned 10 times compared to three mentions of CPI.
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