Bitcoin Price Falls as Disappointing US Economic Data and Hawkish Fed Remarks Take Effect
Bitcoin's price dropped significantly on Friday morning in the US, reversing its climb to $63,500. The disappointing US economic data and hawkish remarks from Dallas Fed President Lori Logan were cited as catalysts for the drop. The University of Michigan Consumer Sentiment Survey for May fell to 67.4, missing economist forecasts by a large margin, while one-year inflation expectations rose to 3.5%. This news caused the US dollar and bond yields to rise slightly, but had little effect on stocks. Bitcoin fell over 4% from its daily high to $60,700 before bouncing back slightly to $61,000 at press time.
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