CPI Report May be the Next Major Mover for Bitcoin
Dow Jones
Yesterday
1239 ET - Bitcoin's next big test is Wednesday's CPI report, says analysts with Bitfinex in a note. "The question for this week is whether Wednesday's U.S. Consumer Price Index (CPI) report changes the rate and yield outlook enough to give bitcoin room to move, and whether spot demand is there to carry it," says the firm. An upward movement in prices would potentially demonstrate improved spot demand, as would an improvement of net inflows into bitcoin ETFs, says Bitfinex. Last week was net negative for ETF flows, according to data from Coinglass -- landing at a net outflow of $678.9 million. Bitcoin is down 1% to $82,816.
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