Bitcoin prices edged up on Friday as traders remained cautious about cryptocurrencies ahead of key U.S. inflation data, which could influence the outlook for interest rates. Despite this caution, Bitcoin has maintained significant gains for May.
The overnight decline in the dollar provided little relief to crypto prices, as concerns persisted about prolonged high interest rates, even after a downward revision to first-quarter GDP data.
By 08:32 ET (12:32 GMT), Bitcoin had increased by 1.1% in the past 24 hours to $68,558.5, poised for a nearly 13% rise in May. However, the token continued to trade within the $60,000 to $70,000 range that has been established since mid-March.
Inflation and Interest Rates in Focus Ahead of PCE Data
Concerns over interest rates have been the primary factor behind Bitcoin’s constrained performance, as the prospect of sustained high rates has negatively impacted the price outlook for Bitcoin and the broader crypto market.
Several Federal Reserve officials have recently expressed doubts that inflation is easing, which complicates the Fed’s plans to reduce interest rates. Their remarks came ahead of the PCE price index data release, the Fed’s preferred measure of inflation. This data, due later on Friday, is expected to show a slight cooling of inflation in April, but still well above the Fed’s 2% annual target.
The anticipation of prolonged high rates is unfavorable for crypto markets, as it suggests tight liquidity and reduces the appeal of high-risk, speculative assets.
Crypto Prices Today: Altcoins Mixed, Ether Set for Strong May on ETF Speculation
The broader crypto market showed mixed performance on Friday.
Ether, the world’s second-largest cryptocurrency, climbed over 1.7% to $3,807.08. Ether is set to gain nearly 25% in May, with most of its gains occurring in the past week following progress by the Securities and Exchange Commission toward approving an exchange-traded fund (ETF) that directly tracks the token. However, a final decision on listing a spot Ether ETF is still pending.
Meanwhile, XRP remained flat, and Solana (SOL) increased by 1.5%. SOL was also a standout performer in April, up 30%.
TRUMP Meme Coin Sees Volatility as Former US President Found Guilty
A New York jury found former U.S. President Donald Trump guilty in the high-profile hush money trial.
Following the news, the TRUMP meme coin plummeted by as much as 35% but later rebounded, trading up 19% at the time of writing. The jury on Thursday convicted Trump on all 34 counts of falsifying business records, making him the first U.S. president to be convicted of a felony.
Other meme coins saw limited price movement, with DOGE/USD remaining flat and the Investing.com Shiba Inu Index dropping 0.3%. However, PEPE/USD was trading 10% higher.
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