The consumer price index (CPI) in the United States has risen at a rate higher than analysts’ expectations, prompting investors to lower their expectations for interest rate cuts this year. As a result, the price of Bitcoin (BTC) fell nearly 2% during the early trading session in the United States, reaching $67,500.
This market downturn is reflected across multiple asset classes, but Bitcoin gradually recovered all losses and experienced a rebound of nearly 5% after hitting a low point, surpassing $70,000 and outperforming US stocks and gold. As of the time of this article’s publication, the trading price of Bitcoin is $70,830.
QCP Capital, a digital asset hedge fund, stated that this rebound demonstrates the potential demand for Bitcoin, as investors view the decline as a buying opportunity. QCP mentioned in its Telegram update that the increasing level of US debt is more important for the overall situation than individual CPI figures. In the most likely scenario, policymakers will allow inflation to exceed the 2% target to address the debt issue. Will Clemente, co-founder of Reflexivity Research, stated on the X platform, “Bitcoin is an insurance against this situation.”
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