Analysis: Potential U.S.-Iran Ceasefire Agreement Boosts Risk Assets, but BTC Continues Weak Decoupling Trend
Odaily reported that despite reports of a draft memorandum on a 60-day ceasefire and nuclear program discussions from U.S.-Iran negotiations, the cryptocurrency market remains under pressure, with Bitcoin falling below $73,000, down approximately 2.7% in 24 hours. U.S. stocks and bond markets were boosted, with the Nasdaq rising 0.6% and WTI crude oil prices falling below $90 per barrel.
On the macro level, the first inflation report under new Fed Chair Warsh showed that the U.S. April core Personal Consumption Expenditures (PCE) index rose 3.8% year-over-year, the highest level in nearly three years, up from 2.8% in February. Olu Sonola, Head of U.S. Economics at Fitch Ratings, said that inflationary pressures could persist in the coming months, making it difficult for the Federal Reserve to ignore the supply shock driving potential inflation.
Market analysts pointed out that in the short term, positive macroeconomic factors have significantly boosted stock markets and oil prices, but the crypto market lacks similar direct stimuli, and Bitcoin along with other digital assets continue to face selling pressure. (CoinDesk)
