"Hmm, it's really sad for the investors, I hope the BTC price gives a surprise during the FOMC later."
The price of cryptocurrency king Bitcoin (BTC) saw a slight increase but fell back after the United States (US) Bureau of Labor Statistics announced that the Consumer Price Index (CPI) decreased at 4.0% from its expected 4.1% and April's 4.9%.
Even so, the Federal Reserve (Fed) may end its year-long hawkish stance, where it previously raised interest rates by 75 basis points after inflation rose to 8.6% further affecting risky assets.
According to Tim Frost, the Chief Executive Officer (CEO) of Yield App said that BTC could see volatile movements during the Federal Open Market Committee (FOMC) meeting tomorrow even though the price and the US economy did not react after the release of the CPI data.
He added that the US Securities and Exchange Commission (SEC) which charged Binance and Coinbase could force the courts and regulators to clarify whether cryptocurrencies are securities, commodities or vice versa.
Following the easing of inflation, investors are very confident that the Fed will not act aggressively in their monetary policy, therefore there is a high probability that the central bank will not raise interest rates at the next FOMC meeting.
As of this writing, BTC price has plunged by 0.01% to $25,963 in the last 24 hours with a market capitalization of $503 billion and has recorded a 4.15% decline over the past week.
While the second largest crypto Ethereum (ETH) jumped 0.05% to $1,742 in the last 24 hours, but still recorded a 7.28% decline over the past week and Ripple (XRP) slipped around 1.70% to $0.51 with a market cap of $28 billion.
