Crypto Price on February 14: Bitcoin falls below $50,000 level after hot CPI data cools bets for Fed cuts
Consumer price index dropped to an annual rate of 3.1% in January, according to official data; above economists’ expectations of 2.9%. In December, the CPI stood at 3.4%.
At 12:17 pm, Bitcoin was trading 0.8% lower at $49,617, while Ethereum was down 0.12% at $2,645. The global cryptocurrency market cap declined 0.54% to around $1.86 trillion in the last 24 hours.
«Bitcoin fell below $49,000 after the release of stronger-than-expected US CPI data, dampening expectations of a rate cut. With US government bond yields and the rising dollar index, Bitcoin has faced selling pressure along with stocks and gold. However, the withdrawal may be short-lived,» said Sathvik Vishwanath, Co-Founder & CEO, Unocoin.
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View Details»«Spot inflows into Bitcoin ETFs remain strong, suggesting sustainable demand despite macroeconomic uncertainties. Additionally, with the upcoming supply halving and the continued influx of spot ETFs, bullish sentiment remains,» Sathvik said.
Shivam Thakral, CEO of BuyUcoin, said, «The crypto market experienced a slight correction as Bitcoin made a pullback to the $49000 level. The next few days could see a decrease in Bitcoin dominance and the start of a bullish trend for Ethereum and Altcoins. At the same time, the Bitcoin ETF inflows have continued to increase making the demand for Bitcoin 10x more than the supply
