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U.S. Inflation Heats Up, Bitcoin Price Corrects Below $80,000
Bitcoin price drops by 1.23% to fall below the $80,000 level. This movement was triggered by the release of U.S. inflation data for April, which rose by 3.8%, surpassing expectations. This condition weakens investor expectations of interest rate cuts by the Federal Reserve in the near future.
In addition to macroeconomic pressures, massive sell-offs by major Bitcoin miners also pressured the price. Marathon Digital Holdings reportedly sold 20,880 BTC worth approximately $1.5 billion to fund the company's transition into an AI data center. Although the Spot Bitcoin ETF instrument in the U.S. still recorded a net inflow of 333 BTC as of May 11, market sentiment remains cautious due to geopolitical situations and higher-than-expected inflation pressures.
Market focus is also now on the leadership transition at the Fed after the Senate officially confirmed Kevin Warsh as the new Governor. Investors are beginning to consider the possibility of interest rate hikes in December if inflation does not subside, especially with plans for a regime change within the Fed led by Warsh.