Current indications of the cryptocurrency market
According to APA-Economics, which cites investing.com, Bitcoin rose on Friday as investors considered the U.S. Federal Reserve’s interest rate outlook following weak inflation data this week.
Crypto markets, meanwhile, were on edge after Coinbase Global, the leading cryptocurrency exchange in the United States, warned that a cyberattack could cost it up to $400 million.
The bitcoin price increased 1.6% to $104,014.5 by 01:50 ET (05:50 GMT). Last week, the token rose almost 10% to surpass $105,000, but some profit-taking and a gloomy prognosis for the US economy halted the advance. Still, the hope that trade tensions might ease kept Bitcoin sustained over the crucial $100,000 mark.
Soft PPI and CPI inflation statistics trigger Fed rate-cut bets.
According to data released Thursday, the biggest drop in service costs since 2009 was the primary cause of the unexpected April decline in U.S. producer prices. Concerns about inflationary pressure from trade tariffs were allayed earlier this week when consumer price index data came in less than anticipated.
Generally speaking, lower inflation and the possibility of lower interest rates devalue the US dollar, increasing the appeal of alternative assets like Bitcoin.
Additionally, a dovish Fed increases risk appetite, which attracts investors to speculative and higher-yielding assets like cryptocurrencies. Nonetheless, prudence remained due to worries about a possible resurgence in inflation due to tariff threats.
Coinbase shares slip on cyberattack, expects up to $400mln blow
Coinbase Global (NASDAQ:COIN) issued a warning on Thursday that a hack that compromised data from a small number of user accounts might have a financial impact of between $180 million and $400 million.
On Thursday, shares of the largest cryptocurrency exchange in the United States ended the day 7.2% lower.
According to the company, on May 11, an anonymous entity contacted it and claimed to have access to consumer information and internal records.
Names, addresses, and email information were obtained by the attackers, but login passwords were kept safe. The business promised to refund impacted clients who were duped into sending money.
The company became the first participant in digital assets to be included in the S&P 500 index earlier this week, and its stock enjoyed incredible gains.
Crypto price today: altcoins subdued; XRP slips 3%
After a wild week, the majority of altcoins remained mostly stable on Friday.
Ether, the second-ranked cryptocurrency in the world, increased 0.8% to $2,588.45.
Third-ranked cryptocurrency XRP fell 3% to $2.4243.
Cardano dropped 0.2%, Polygon dropped 0.6%, and Solana was quiet.
Dogecoin fell 0.3% among meme tokens, whereas $TRUMP increased 1.1%.
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