As of 8 a.m. on June 26, Bitcoin was trading at $59,787, down 1.57% from the previous day, according to CoinMarketCap, a global cryptocurrency market site.
The decline in Bitcoin's value is attributed to heightened price pressures resulting from the U.S.-Iran war. The U.S. Department of Commerce announced on June 25 that the Personal Consumption Expenditures (PCE) price index rose 4.1% in May compared to the same month last year, marking the highest level since April 2023. The index increased by 0.4% from the previous month. Excluding the volatile categories of food and energy, the core PCE index rose 3.4% year-over-year and 0.3% month-over-month.
The PCE price index reflects the prices of goods and services consumed by U.S. households and is a key inflation indicator that the Federal Reserve closely monitors to assess its 2% inflation target. The Federal Reserve considers the PCE index when determining interest rates. Market analysts predict that Bitcoin will remain weak in the near term.
Major altcoins are also experiencing declines. Ethereum has dropped 2.72% to $1,570. Ripple (XRP) fell 2.97% to $1.03, while Solana decreased by 1.11% to $67.
Meanwhile, at the same time, Bitcoin was trading at approximately 90,928,000 won ($58,853) on the domestic exchange Bithumb, reflecting a 0.45% increase from the previous day. The so-called 'Kimchi Premium,' which indicates the difference between domestic and international prices, was at -1.53%.
* This article has been translated by AI.
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