Bitcoin has dipped to $67,527 on the Bitstamp chart after US macro data were released. Equities are also unable to escape the malaise.

Macro figures

The Consumer Price Index for All Urban Consumers (CPI-U), an American consumer index, rose by 0.4 percent in March. That is the same increase as in February, the US Bureau of Labor Statistics reported today. In the last 12 months, the total index has risen by 3.5 percent.

Both figures are higher than the prior estimates of 0.3% on a monthly basis and 3.4% over the past year. The dollar index, DXY, is benefiting from this news, jumping above 104. American bonds are also in demand again, as the analyst TXMC tells us on X.

The futures market is also anticipating a red day for stocks, as markets try to estimate when America’s central bank will cut interest rates. The current figures, although higher than expected, are still within the expected range. The Fed appears to be waiting to see if inflation remains ‘sticky’ around the 3% range, instead of their target of 2%.

The question is when the interest rate cut will occur. According to this analyst, we should definitely wait until the last quarter of 2024.


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