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Crypto-linked stocks including Coinbase Global Inc (NASDAQ:COIN) and MicroStrategy Inc (NASDAQ:MSTR) are trading higher Wednesday amid strength in Bitcoin (CRYPTO: BTC) following softer-than-expected CPI data for May.
What To Know: Bitcoin is up more than 4% over a 24-hour period, driving strength in the broader crypto space and crypto-related stocks.
The pop in crypto prices came immediately after the consumer price index (CPI) came in at 3.3% in May, below economist projections for 3.4%. On a month-over-month basis, CPI stayed flat, which was below expectations for a 0.1% increase.
Equity and crypto markets jumped in the wake of the data as Treasury yields fell across the board. Traders were placing a 54% chance of a rate cut in September ahead of the inflation print. Following the data, the number climbed to more than 61%, according to CMEGroup data.
Check This Out: US Inflation Eases More Than Expected In May, Boosts 2024 Rate Cut Prospects Ahead Of Wednesday’s Fed Meeting
Crypto prices may also be getting a lift Wednesday after former President Donald Trump called for all remaining Bitcoin to be mined in the United States.
"Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT," Trump said in a post on Truth Social.
As a crypto exchange, Coinbase benefits from volatility as increased price movement often leads to more trading activity on the platform. MicroStrategy is a business intelligence, mobile software and cloud-based services company, focused on accumulating bitcoin.
See Also: Bitcoin’s Price May Dip To $61K, Not ‘Miraculously Find A Way To Continue Upwards,’ Trader Cautions
COIN, MSTR Price Action: At publication time, Coinbase shares were up 5.38% at $257.36 and MicroStrategy shares were up 6.85% at $1,665, per Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.
