Bitcoin (BTC) held above $27,600 on May 13. as the release of US inflation data. Inflation rate eases to 4.9% in April, less than expectations
A higher-than-expected inflation reading lead to more aggressive interest rate hikes from the Federal Reserve, which could weigh on risk assets like Bitcoin.
Despite the uncertainty surrounding inflation, Bitcoin has been relatively stable in recent days. The cryptocurrency has traded between $26,000 and $28,000 since May 9. Some analysts believe that Bitcoin is forming a bottom and could soon start to rally.
Other cryptocurrencies were also mixed on May 13. Ethereum (ETH) was up 1% at $1,900, while XRP was down 1% at $0.40.
