Cryptocurrency Price on May 31: Bitcoin holds above $68.3K ahead of key inflation data
crypto market saw a trading session mainly in the red on Friday, although Bitcoin (BTC) traded in the green ahead of forthcoming key inflation data, which could clarify the Federal Reserve’s interest rate plan.
At 12:04 pm, BTC was trading 0.8% higher at $68,337, while Ethereum experienced a marginal decline of over 0.1% to $3,738. Meanwhile, the global cryptocurrency market cap rose by 0.3% to around $2.54 trillion in the last 24 hours.
Shivam Thakral, CEO of BuyUcoin, said, «The crypto market remained stable after a few sessions of high volatility ahead of US inflation data slated to be released on Friday. The inflation data could have a significant impact on the Fed’s decision on interest rates in its next meeting on June 11-12. If the Fed decides to relax monetary policy, the crypto market may witness an upward trend.»
Meanwhile, CoinSwitch Markets Desk noted, «Traders are cautious, as higher-than-expected inflation could push Bitcoin down to $65,000.»
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