Bitcoin jumped Tuesday following the release of the highly anticipated CPI report.
Cryptocurrencies have been under immense pressure after the collapse of a so-called stablecoin called terraUSD.jumped Tuesday following the release of a highly anticipated consumer price index report.
Economists surveyed by Dow Jones had been expecting a 0.3% monthly increase. This fueled investor hopes that the Federal Reserve will slow the pace of its interest rate hikes.The lighter-than-expected report sent the 10-year Treasury yield lower. Rising yields make future profits, like those promised by higher-risk, growth-oriented companies, less attractive.
"It feels like more are starting to accept that the bottom may be in, and these are potential accumulation levels," she told CNBC.
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