Cryptocurrency Price Movements Today: Bitcoin Stalls at $57K Despite Cooler Inflation

Bitcoin (BTC) prices surged concisely aft cooler-than-expected June inflation data but grounded to break nan $60K mark.

This softer ostentation people bolsters nan anticipation of an interest-rate trim by nan U.S. Federal Reserve, which bodes good for cryptocurrencies including bitcoin. The Fed hiked rates to a 23-year precocious to combat rampant inflation, but that pushed up Treasury yields, making them a much charismatic finance than riskier assets specified arsenic cryptocurrencies.

Bitcoin's price, which has been nether unit recently, concisely roseate supra $59,000 pursuing nan report, but is now trading supra $57,000.

Demand, Selling Pressures Cancel Out

Just for illustration nan past fewer days, request from inflows into spot bitcoin exchange-traded costs (ETFs) and trading unit from bitcoin income by nan German authorities are canceling each different out, efficaciously stalling nan value of bitcoin.

German authorities now clasp little than a 5th of nan 50,000 bitcoin they seized from an online piracy website, and person already sent $328.89 cardinal worthy of bitcoin to various exchanges and different addresses today.

Spot bitcoin ETFs continued their beardown week connected Wednesday, enjoying $147.4 cardinal of inflows, according to Farside Investors. This takes this week's full flows into spot bitcoin ETFs to $658.6 million.

MicroStrategy Splits Stock

MicroStrategy (MSTR) shares are up much than 3% successful intraday trading Thursday, aft nan institution announced a 10-for-1 banal split. After markets adjacent connected Aug. 7, MicroStrategy shareholders will person 9 further shares for each stock they ain successful nan company.

This move by MicroStrategy will not only summation nan number of shares disposable to waste and acquisition but besides thief make each stock much affordable for investors to purchase. MicroStrategy shares, which person much than doubled year-to-date, are priced astatine much than $1,300 each.

As a ample firm holder of bitcoin, MicroStrategy has benefited from nan rally successful bitcoin prices this twelvemonth aft nan support of spot bitcoin ETFs. As of April 26, nan institution owned 214,400 bitcoin.