Bitcoin BTC$115,522.26 is about 4% higher than it was a week ago—good news for the digital asset but bad news for the economy.
The recent negative tone of the economic data points from last week raised expectations that the Federal Reserve will cut interest rates on Wednesday, making riskier assets such as stocks and bitcoin more attractive.
Let’s recap the data that backs up that thesis.
The most important one, the U.S. CPI figures, came out on Thursday. The headline rate was slightly higher than expected, a sign inflation might be stickier than anticipated.
Before that, we had Tuesday’s revisions to job data. The world’s largest economy created almost 1 million fewer jobs than reported in the year ended March, the largest downward revision in the country’s history.
The figures followed the much-watched monthly jobs report, which was released the previous Friday. The U.S. added just…
