With US March CPI coming in hotter than expected, $BTC initially dipped to $67,520, but rebounded strongly and is now trading back at $70,622. Early reports show positive ETF flows driven by low GBTC outflow (-$17.5M).
Both the headline and core CPI numbers were stronger than expected, with even the most focused super-core number up 0.7% MoM (4.8% YoY). All three major equity indexes closed in negative territory as some begin to price in the delayed first rate cut in September and only a single rate cut in 2024. Now, all eyes remain on today’s PPI release.
Yesterday’s major news includes Uniswap Labs receiving a Wells notice from the SEC and potential Hong Kong’s approval of spot bitcoin ETFs in April.
It was one of those rare days with a half-and-half split among the top 50 cryptos. The top three performers were $VET, $THETA, and $DOGE, while the top three losers were $UNI, $BCH, and $APT.