Institution: Bitcoin’s Decline Escalated after the April PCE Report Release
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Jinse Finance reported that on May 28, according to CoinMarketCap data, Bitcoin fell more than 3%, dropping below $73,000 for the first time in over a month. The sell-off was triggered by this morning’s release of the April Personal Consumption Expenditures (PCE) Price Index report, which showed the year-on-year inflation rate rising to 3.8%. Signs of rising inflation and the potential for future Federal Reserve interest rate hikes are reducing the appeal of cryptocurrencies to investors. Data from CoinGlass reflect this in Bitcoin’s long positions, as $322.5 million in long positions were liquidated in the past 24 hours, with more than half occurring in the last 12 hours. Other major cryptocurrencies also declined, with bitcoin cash falling 13.7% to $296.26, solana dropping 4.4% to $80.08, and Ethereum down 4.4% to $1,973.
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