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## Bitcoin Price Struggles Amid Tightening Economic Conditions in the U.S.

Bitcoin price is facing challenges in maintaining its bullish momentum due to the tightening economic conditions in the U.S. The recent data on inflation has been a significant factor in the sharp drop in BTC prices. In just a few hours, the price of Bitcoin plummeted from $63,446 to $60,763.

### University of Michigan Consumer Sentiment Data Reveals Concerns

The latest University of Michigan consumer sentiment data has raised concerns as it shows a decline from 77.2 in April to 67.4 in May. This is the lowest level in six months and below market expectations of 76. Additionally, inflation expectations for the upcoming year have increased to 3.4%, reaching a six-month high compared to 3.2% in April. The five-year inflation outlook has also risen to 3.1% from 3.0%.

### Cautious Comments from Federal Reserve Officials

Amidst these economic uncertainties, Federal Reserve officials have expressed caution. Fed official Lorie Logan highlighted the significant upward risks to inflation, emphasizing that it is too early to consider a rate cut. Flexibility in policies is essential at this point. Federal Reserve Governor Bowman echoed the sentiment, emphasizing the need for policy stability over an extended period.

### How AI legalese decoder Can Help

The AI legalese decoder can assist in navigating the complex legal language often present in financial and economic reports. By using AI technology, the decoder can quickly analyze and simplify legal jargon, making it easier for individuals to understand the implications of economic data such as inflation rates and consumer sentiment. This tool can provide valuable insights and interpretations to aid decision-making in the volatile financial markets.

## Crypto Market Witnessed Significant Liquidations

The crypto market experienced a tumultuous period with over $50 million liquidated within a few hours. Bitcoin’s price dropped by more than 4% to reach an intraday low of $60,690, following a failure to sustain its upward momentum after a recent breakout. This decline also affected Ethereum and other altcoins, which saw a 2-4% decrease in their prices.

### Coinglass Data Highlights Liquidation Trends

Data from Coinglass indicates that over $150 million worth of crypto assets were liquidated in the past 24 hours. Among these liquidations, $90 million stemmed from long positions being liquidated, while approximately $60 million came from short positions. The majority of these liquidations occurred within an hour, totaling over $51 million.

### Insights from Industry Experts

Bloomberg’s senior commodity strategist Mike McGlone pointed out the volatility and speculative nature of the crypto market. He noted the contrast between Bitcoin’s performance against gold and the S&P 500 e-mini future, indicating a shifting landscape in the financial markets.

### Impact of Economic Factors on Bitcoin’s Price

The newly released inflation data led to a surge in the US dollar index (DXY) to 105.40, along with a 0.055% increase in the US 10-year Treasury yield to 4.504%. These movements, which run counter to Bitcoin’s performance, contributed to the decline in Bitcoin’s price to $60,000, triggering a broader selloff in the crypto market.

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