Nasdaq Reaches New Highs as Bitcoin and Gold Struggle Amid Latest Economic Data

Bitcoin

continues to trade within the $102,000 to $108,000 bracket, while gold has dropped by 2% today, marking a decline of approximately 7% from its all-time high. In contrast, the Nasdaq 100 has hit new record levels.

A few U.S. macroeconomic data points released on Friday morning—though nearly two months old by now—may have contributed to the slightly negative sentiment surrounding BTC and gold. Personal income for May was reported at -0.4%, falling short of the anticipated increase of 0.3%. Meanwhile, personal spending on a month-over-month basis was at -0.1%, also missing the forecasted growth of 0.1%.

Perhaps more significantly for the markets, the core PCE price index in the U.S., which strips out volatile food and energy costs and serves as the Federal Reserve’s preferred measure of underlying inflation, increased by 0.2% in May, surpassing expectations of a 0.1% rise. Year-over-year, core PCE prices increased by 2.7%, slightly above the 2.6% forecast.

This data reinforces the perspective that the economy may be sliding toward stagflation. Peter Schiff, a well-known gold advocate and cryptocurrency skeptic, stated: “Traders continue to offload gold despite this morning’s weak economic data and unexpectedly high inflation figures pushing the dollar index to new lows. Stagflation and a weakening dollar are bullish for gold, irrespective of any superficial trade agreements ‘negotiated’ by Trump.”

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