Cryptocurrency Price on May 15: Bitcoin dips below $62k ahead of US inflation report today
Overnight data showed U.S. producer prices increased more than expected in April, indicating that inflation remained stubbornly high early in the second quarter.
Fed Chair Jerome Powell called the PPI data «mixed» rather than «hot» because prior data was revised lower. That along with Powell's comments reassuring investors that the U.S. central bank's next move was unlikely to be a hike lifted sentiment.
All eyes are now on Wednesday's U.S. consumer prices report, which is expected to show CPI rose 0.3% month-on-month in April, down from 0.4% growth the previous month.
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View Details»Meanwhile, the global cryptocurrency market cap also declined by 0.46% to approximately $2.26 trillion within the last 24 hours.
As of 12:43 p.m., Bitcoin was trading 0.2% lower at $61,940, while Ethereum experienced a 0.4% decline to $2,903. Altcoins such as BNB (-3.2%), Solana (-1.8%), XRP (-0.6%), Dogecoin (-2%), Shiba Inu (-1%), Polkadot (-1.4%), and NEAR Protocol (-4.2%) also declined.
«Bitcoin has dipped below $62,000 as U.S. wholesale inflation exceeded
