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Cryptocurrency world was anticipating results from upcoming US data today. The Bitcoin price experienced volatility this morning, dropping below $61,000, making the data even more significant. The US CB Consumer Confidence Index was just announced.
US CB Consumer Confidence Index Announced
Looking at the US CB Consumer Confidence Index data, the previous figure was recorded at 104.7, while the expectation was around 104.
The announced figure was 97, which is below expectations. Economic conditions determine consumer status, and higher readings typically indicate more consumer optimism, leading to increased purchases of goods and services that stimulate the economy. The figure shows a decrease in consumer confidence.
What’s the Status of Bitcoin Prices After the Data Release?
Looking at the price of Bitcoin, the flagship cryptocurrency, we witnessed a fluctuating trend today. BTC price had dropped to $60,600 at the time the data was released. However, the price later recovered to $60,880.
While the data pressured BTC prices, another significant development today involved the former CEO of Binance, CZ. A decision from the judge is awaited, presenting a second factor pressuring BTC.
