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Home ยป Cryptocurrency Market Surges as Inflation Data Provides a Boost

Cryptocurrency Market Surges as Inflation Data Provides a Boost

By adminMay. 15, 2024No Comments2 Mins Read
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Cryptocurrency Market Surges as Inflation Data Provides a Boost
Cryptocurrency Market Surges as Inflation Data Provides a Boost
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Cryptocurrency investors have been enduring a nightmare since March 20, but there may finally be a glimmer of hope. The latest inflation data suggests progress towards the 2% target, although it is delayed. Additionally, there is an increased likelihood of interest rate cuts starting in September.

The monthly Consumer Price Index (CPI) for April came in at 0.3%, higher than the expected 0.1%, while annual headline and core inflation met expectations. There has been a noticeable decline in annual inflation, and core inflation is at its lowest level since 2021. However, not everyone is pleased with these developments.

Data from CME Group’s FedWatch tool is not encouraging. Investors who initially expected a 150 basis point cut at the beginning of the year and believed the first cut would occur in March have now significantly pushed back their expectations. The probability of rate cuts in June is only 3.1%, and 28.3% in July.

Previously, we mentioned that breaking above $65,000 is crucial for further technical gains. Following the latest inflation data, the price of Bitcoin is hovering around the $66,000 mark, with a recent peak of $65,986. The outlook in the exchange order books has also changed after the data, with buyer liquidity concentrated above $65,000.

Cryptocurrency analyst Skew predicts that if the $65,000 level is maintained, the price could continue to rise towards $70,000 and $73,777. However, there are still obstacles to overcome. The Securities and Exchange Commission (SEC) will announce its final decision on spot ETH ETF applications on May 23 and 24, or possibly earlier.

If the SEC announces a decision against it, there may be a normal decline in Ethereum (ETH) and other altcoins. However, if the SEC rejects all applications, including BlackRock’s, it could trigger larger losses. Considering the SEC’s previous actions during the Bitcoin (BTC) ETF process, it is unlikely that approval will be granted after the recent lawsuits.

Investors should be cautious and conduct their own research, as cryptocurrencies carry high volatility and risk. This article does not constitute investment advice. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.

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Geopolitical Tensions Impact the Cryptocurrency Market with Notable Declines

Jun. 18, 2025

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