Bitcoin suddenly plummeted to nearly $60,000, erasing all the profits achieved the previous day.

BTC price chart – 1 hour | Source: TradingView

US stocks

Dow Jones rallied on Friday, capping off its eighth straight winning session and notching its best week of 2024.

The 30-stock index added 125.08 points, or 0.32%, to close at 39,512.84. The S&P 500 inched up 0.16%, closing at 5,222.68, while the Nasdaq Composite fell slightly 0.03% to 16,340.87.

Major indexes also ended the week at high levels. The Dow posted a 2.16% gain for the period, its best week since December 2023 and its fourth straight week of growth. The S&P 500 and Nasdaq Composite both had their third straight weekly gain, jumping 1.85% and 1.14%, respectively.

Investor enthusiasm was tempered after consumer sentiment data released on Friday morning showed a sharp rise in inflation expectations.

The University of Michigan's consumer sentiment index in May was 67.4, well below the Dow Jones estimate of 76 and marking the lowest level in about six months.

Brian Nick, senior investment strategist at the Macro Institute, said the data may indicate that “inflation is not going in the right direction either. Investors think things are getting worse and at the same time they worry about inflation. And that doesn't bode well for stocks or bonds."

Nick added that the US Federal Reserve's (Fed) interest rate cut roadmap will be further influenced by the extent of the slowdown in consumer spending and hiring.

Investors have been more optimistic recently after the Fed said its next move was unlikely to be a rate hike, pointing out that a rate cap could boost stocks. Cooling labor data also increased traders' confidence in this year's outlook.

However, the market will be tested next week when the April consumer price index is announced.

Bitcoin and Altcoins

Bitcoin prices fell 2.5% to a low of $60,300 on Friday as US Federal Reserve (Fed) officials weighed options to combat stubborn inflation in the country.

Speaking at the Louisiana Bankers Association conference in New Orleans this week, Dallas Fed President Lorie Logan said it may be "too early to think about cutting interest rates."

“We need to be flexible about cutting interest rates and we need to get some of the uncertainty resolved before considering that.”

Over the past few months, core PCE inflation – the Federal Reserve's preferred measure of inflation – has failed to make significant progress toward the central bank's 2% target. Furthermore, data on Friday showed a significant shift in consumer inflation expectations, with expectations rising to 3.5% in May.

Meanwhile, Atlanta Fed President Raphael Bostic predicts interest rates will still fall – but probably only by 25 basis points before the end of the year.

“I still have faith in interest rates falling but it will take some time before inflation finally subsides.”

Lower interest rates are seen as positive for Bitcoin and stocks, helping investors acquire cheaper debt to buy risky assets.

According to Coinglass, the volatility caused $164 million in liquidations in the past 24 hours. The largest liquidation occurred on the Binance exchange in the BTC/USDT pair worth $3.56 million.

Altcoin markets fell slightly on the day as Bitcoin plunged below $61,000.

Most major altcoins in the top 100 projects with the largest capitalization in the market turned down, with ORDI (ORDI), Aave (AAVE),  Core (CORE), Lido DAO (LDO), Theta Network (THETA), BONK (BONK), Mina (MINA), Gnosis (GNO), THORChain (RUNE), dYdX (DYDX), Flow (FLOW)... lost 5-7% of their value.

Source: Coin360

Ethereum (ETH) also plummeted to below $3,000. The second largest asset on the market lost more than 3% on the day, hitting a local bottom around $2,880 and is currently trading around $2,913.

ETH Price Chart – 1 Hour | Source: TradingView

The "Coin Price Today" column will be updated at 9:30 every day with general news about the market, we invite readers to follow.

Source: https://tapchibitcoin.io/gia-coin-hom-nay-11-05-bitcoin-va-altcoin-truot-doc-after-when-fed-can-nhac-giu-lai-suat-o- general-general-drill-my-tang-diem.html