Bitcoin and other cryptocurrencies experienced significant declines after Federal Reserve Chairman Jerome Powell made hawkish remarks, signaling a continued tight monetary policy.
As a result, Bitcoin dropped below $93,000, before the release of the latest Personal Consumption Expenditures (PCE) data, a key inflation indicator closely watched by the Federal Reserve when making interest rate decisions.
For November, the Core Personal Consumption Expenditure Price Index (YoY) came in at 2.8%, matching the previous month’s figure and falling slightly below the expected 2.9%.
On a monthly basis, the Core PCE Price Index rose by just 0.1%, under the expected 0.2% and lower than the previous 0.3%.
The overall PCE Price Index, which reflects the general cost of goods and services, increased by 2.4% year-over-year, slightly below the expected 2.5%, up from 2.3% in the prior month.
On a monthly basis, the PCE index showed a 0.1% rise, which met expectations but was a decline from the previous month’s 0.2% increase.
After the inflation data was released, Bitcoin regained some bullish momentum, surging above $97,000, highlighting crypto investors’ long-term optimism.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
According to renowned market veteran Peter Brandt, trading isn’t the path to prosperity for the vast majority of people.
Charles Edwards, founder and CEO of Capriole Investments, has offered a fresh perspective on Bitcoin’s stalled price movement near the $100,000 mark, despite growing institutional enthusiasm.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.