Macro Continues to be a Key Driver for Crypto: Coinbase

The macro environment continues to be a key driver for crypto performance, according to a Coinbase COIN report. Analysts David Han and David Duong cited the rebound in Bitcoin BTC/USD prices following the softer CPI print for April as evidence of a macro-led driver in the sector. "Macro continues to be a key driver for crypto performance. The 3.4% year-on-year inflation figure is consistent with our out-of-consensus view that we're still operating within a disinflationary trend that could take inflation growth to within the mid-two handle by year-end" Han and Duong said.

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