Bitcoin steadies near $63,220 as US producer inflation jumps 6.5%
Bitcoin is holding its ground at about $63,220 this Friday, showing some calm even as inflation and rising oil prices have everyone on edge.
Ethereum isn't doing quite as well, sitting at $1,661 with a mixed vibe across the crypto scene.
With U.S.-Iran tensions and a 6.5% jump in US producer inflation, all eyes are now on the Federal Reserve's June 16-17 meeting: there's real talk about a possible interest rate hike by September.
Analysts recommend waiting for Fed meeting
Altcoins like Binance Coin ($600) and Solana ($66) are moving cautiously too.
Analysts say Bitcoin's support range between $61,600 and $62,500 is key for keeping things stable right now.
Akshat Siddhant from Mudrex points out that inflation worries and potential Fed rate-hike expectations remain a concern.
Meanwhile, Vikram Subburaj from Giottus.com suggests waiting before making any bold moves until after the Fed meeting clears things up.