The Magazine for Asian Investors
The bitcoin price fell 1.63% today (June 28) to $20,733.83.
Bitcoin’s downward move this morning came after the Dow Jones Industrial Average closed down in a narrow 62-point range on Monday (June 27), while Wall Street moved lower.
- The Dow Jones Industrial Average fell 62.42 points, or 0.20%, to close at 31,438.26 points.
- The S&P 500 fell 11.63 points, or 0.30%, to close at 3,900.11 points.
- The Nasdaq fell 83.07 points, or 0.72%, to close at 11,524.55 points.
Following last week’s slump in commodity prices, investors have shed their inflation fears. As a result, the US interest rate is expected to reach a high of 3.5%. This was down from the previous forecast of 4%.
Investors reacted to the release of the U.S. consumer confidence index from the University of Michigan on Friday. Consumers expect inflation to reach 5.3% next year, which is even higher than the 4.2% recorded in the same period last year. However, it is lower than the preliminary 5.4% reading two weeks ago.
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Tuesday, June 28, 2022