S&P 500’s only crypto stock shrugs off hot CPI
S&P 500’s only crypto stock shrugs off hot CPI originally appeared on TheStreet.
As the June inflation data dropped on July 15, the crypto market lost any hope of the Federal Reserve cutting interest rates soon. The Consumer Price Index (CPI) rose 0.3% month-over-month in June, higher than May’s 0.1% rate.
Most crypto stocks went into a state of panic and began to retreat from the previous day’s close.
However, Coinbase (Nasdaq: COIN), the lone crypto warrior on the S&P 500, didn’t get rattled by the latest inflation data and hit an all-time high of $400.88.
This isn’t surprising given the fact that the stock hit its previous record high of $398.50 only the last day on the back of the broader crypto market…
