Bitcoin ( BTC ) traded sideways on Tuesday at about mid-$27,000 as investors awaited Wednesday’s latest U.S. Inflation Report.

According to CoinDesk, the largest cryptocurrency in terms of market capitalization traded at $27,560 recently, a drop of 0.2% over the last 24 hours.

Bitcoin’s price chart shows that it traded for around $27K Tuesday. (CoinDesk)

In a note on Tuesday, Edward Moya suggested that “the macro backdrop is mostly unchanged” and market watchers would be focused on “Binance, and whether people seriously store cryptos in cold wallets.”

Moya wrote: “Bitcoin seems to be stuck in its trading range. But if there is a moment of de-risking on Wall Street that will be sufficient to send cryptos towards the lows in mid-March.”

The second largest cryptocurrency, Ether ( , ETH) was down about 0.4% to trade at $1,844. Bitcoin cash‘s BCH rose over 9% on the day, trading at $121.29. Lido’s LDO governance token recently rose by 6%, to $1.85.

The CoinDesk Market Index, which measures the performance of the crypto market as a whole, rose by about a half-point for the day.

The equity markets were mixed in the lead-up to Wednesday’s Consumer Price Index for April. The S&P500 and the tech-heavy Nasdaq composite closed down by 0.4% and 0.6% respectively. Dow Jones Industrial Average (DJIA), a measure of the Dow Jones Industrial Average, fell 0.1%.

On the bond market, the 2-year Treasury note rose by 2 basis points, reaching 4.02%. The 10-year Treasury note was virtually unchanged from Monday at 3.52%.

Investors will look to the CPI as a guide for the next Federal Reserve policy meeting, which will take place in June. The Fed approved a increase in the first week of this month, pushing the Federal Funds Rate to its highest level since 16 years.

Mark Connors of Canadian crypto asset manager 3iQ spoke with CoinDesk and held the Fed responsible for the recent financial crisis. He called the Fed “both an arsonist and a firefighter” by design.

The Fed wants to consolidate the banks and reduce their footprint because they’ve lost control over financial stability, foreign reliance, the debt to GDP ratio, and inflation.

James Rubin is the editor.