From Investing.com: 2024-06-13 16:00:23

The U.S. Producer Price Index (PPI) for May has been released, setting the market on course for a new growth trajectory impacting both traditional and crypto markets. The PPI month-on-month reading is -0.2%, better than expected, indicating steady inflation and potential recovery in risk assets like Bitcoin.

Bitcoin currently sits at $67,351, down 3.76% in the last 24 hours due to bearish sentiment post-PPI release. A stronger PPI suggests a resilient economy, favoring traditional assets over risk assets like Bitcoin. However, the introduction of spot ETF trading could potentially shift market sentiment positively in the long term.

With over 513 million Bitcoin, equivalent to $34,291,565,528, traded in 24 hours and a 17% increase, there is potential for a bullish upswing that could contribute to Bitcoin’s resurgence despite the recent price drop. The availability of spot Bitcoin ETF trading in various countries enhances the possibility of long-term price appreciation for the digital currency.

Read more at Investing.com: 513 Million Bitcoin (BTC) in 24 Hours, Here’s What’s Coming By U.Today