Macro Pressure Keeps Bitcoin Capped

From etftrends.com

Inflation, not growth, is the binding constraint for digital assets right now. Core CPI excluding energy came in below expectations, but energy did the damage: the gasoline component alone accounted for 60% of last month’s CPI print, lifting headline inflation to 4.2%, more than double the Fed’s 2% target. Markets are pricing one to two rate hikes this year, and that repricing, not fundamentals, is what is weighing on Bitcoin. Incoming Fed Chair Kevin Walsh takes the helm on the 17th, and his recent comments suggest a more nuanced read of the backdrop, citing the deflationary pull of AI and the transitory nature ... (full story)