The release of macro - economic data, such as US GDP and inflation data, affects cryptocurrency prices. A strong GDP growth may lead to a more risk - on sentiment in the market, causing investors to move more funds into stocks and other risk - on assets, potentially reducing the demand for cryptocurrencies and lowering their prices. High inflation data, on the other hand, may make cryptocurrencies like Bitcoin more attractive as a hedge against inflation, driving up their prices. For example, if the US inflation rate exceeds expectations, it may trigger an increase in Bitcoin's price.