The price of the cryptocurrency was last higher by more than 5% at $64,910.57, according to Coin Metrics, and on pace for its best day since March 25. At one point, bitcoin traded above its 50-day moving average for the first time since April 13, though it has fallen below that level again.
"With the U.S. core CPI cooling down for the first time in six months, we could be seeing a recovery of investors' appetite for risk-on assets like crypto, instigating more flows into bitcoin spot ETFs, which have been especially quiet over the past week," said Leena ElDeeb, an analyst at 21Shares. Bitcoin holds a unique position as both a risk-on and a risk-off asset and many investors hold a long-term view of the crypto asset, ElDeeb explained, adding that while Fed policies may induce bitcoin volatility in the short term, it doesn't fundamentally change bitcoin's long-term trajectory.
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