Crypto in Caution Zone, Focus on Beijing
Bitcoin weakened and remained below US$81,000 on Wednesday (May 13), as markets hedged against risk ahead of the US-China summit, while uncertainty over the US-Iran conflict and the direction of US interest rates remained a drag. BTC was last at US$79,066, down 1.52%.
Macroeconomic sentiment remains influenced by higher US inflation, which has lifted yields and supported the dollar. The 10-year US Treasury yield is hovering around 4.49%, while the dollar index (DXY) is holding around 98.5.
Geopolitically, market focus remains on the Strait of Hormuz, which maintains a channel for energy-driven inflation. Oil prices remain high, with Brent hovering around US$107.62/barrel and WTI around US$103.09/barrel on Wednesday, maintaining caution in risk assets, including crypto.
Among major altcoins, Ether fell to US$2,251 (-0.68%), BNB strengthened to US$668.88 (+2.35%), while Solana fell to US$91 (-3.29%), and Cardano to US$0.264 (-2.07%). XRP traded around US$1.42, while Dogecoin was around US$0.111.
With a combination of sticky inflation, high yields, a firm dollar, and geopolitical uncertainty, the crypto market is likely awaiting new catalysts from the outcome of the US-China talks and the direction of the US-Iran conflict, which could potentially alter inflation projections and Fed policy expectations. (arl)
Source: Newsmaker.id
