Recently the data from the US CPI report shows that the inflation in May 2023 has come down to 4.0%, which is the lowest in the last two years since 2021. This has boosted market confidence and investor sentiment, resulting in the global stock markets have witnessed a massive jump in their stocks especially in tech companies. Meanwhile, the crypto market is still facing resistance from various factors including the latest lawsuits from the SEC to leading crypto exchanges such as Binance & Coinbase etc.
During the bearish environment, usually provided resistance to the price of Bitcoin, while it has switched to being a support point during bullish regimes. The reason behind this interesting pattern lies in the fact that investors look at their break-even mark very differently between the two types of markets. Bitcoin's hashrate has also reached a new all-time high of 516.61 EH/s on June 11, 2023 at block 7,93,868. The fear and greed index for crypto markets is 46 (neutral) while for the stock markets is 81 (extremely bullish) at the time of writing this article.
Meanwhile, in the next upcoming hours, the US Federal Reserve is going to announce the latest development, in terms of the interest rate hike/pause decision which is 5.25% as of now, which could be a game-changing factor for the stock and crypto markets. Experts are anticipating a pause after the consecutive 10 hikes since 2022. As of now, at the time of writing this article, BTC has a total market capitalization of $504 Billion and is trading at $26,000.