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US consumer sentiment hits record low amid high prices; Bitcoin steadies near $77K

Market News
22 May 2026
Crypto Briefing
View Source
Neutral
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The University of Michigan's consumer sentiment index dropped to 44.8 in May, the lowest level since the 1950s and worse than during the 2008 crisis or early pandemic. High prices, especially gasoline costs driven by US-Iran supply disruptions, are the main cause of consumer pessimism. Despite this, Bitcoin remains stable near $77,000, supported by strong institutional investment. This consumer gloom could impact US GDP, as spending accounts for two-thirds of it, and rising fuel prices may push inflation expectations higher again.

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