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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/inflation-data-pushes-crypto-market-up" rel="noopener noreferrer nofollow">Inflation Data Pushes Crypto Market Up</a><br></p>
<p style="text-align: justify">Recent inflation statistics have provided a much-needed boost to the cryptocurrency market, which has been in turmoil since March 20. The latest figures indicate that progress towards the 2% inflation target is finally materializing, albeit delayed. This has increased the chances of <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">interest rate</a> cuts beginning in September.</p>
<h2 id="how-are-cryptocurrencies-reacting">How Are Cryptocurrencies Reacting?</h2>
<p style="text-align: justify">April’s monthly Consumer Price Index (CPI) showed a 0.3% increase, falling below the anticipated 0.1%. Annual inflation figures were in line with expectations, and core inflation reached its lowest level since 2021. Despite this positive development, some experts, such as The Kobeissi Letter, noted that the Producer Price Index (PPI) <a href="https://newslinker.co/" rel="noopener noreferrer nofollow" target="_blank">data</a> rose for the third consecutive month, indicating that the Federal Reserve may adopt a wait-and-see approach.</p>
<p style="text-align: justify">Data from CME Group’s FedWatch tool suggests investor sentiment has shifted significantly. At the start of the year, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a> expected a 150 basis point rate cut by March, but now the likelihood of a rate cut in June is just 3.1%, and 28.3% in July.</p>
<h2 id="what-s-next-for-bitcoin-and-other-cryptocurrencies">What’s Next for Bitcoin and Other Cryptocurrencies?</h2>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/anticipation-for-spot-bitcoin-etf-approval-potential-impact-on-crypto-markets" rel="noopener noreferrer nofollow">Bitcoin</a> has been hovering around $66,000 after the latest inflation data, with recent peaks at $65,986. Market order books indicate buyer liquidity concentrated above the $65,000 mark, signaling potential for further gains. Analyst Skew predicts a continued rise towards $70,000 and $73,777 if the $65,000 level holds.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">– Closures above $65,000 are pivotal for Bitcoin’s continued rise.<br> – The Federal Reserve’s future actions remain uncertain, heavily influencing market sentiment.<br> – The SEC’s imminent decisions on ETH ETF applications could significantly impact the market.</p>
<p>These points underline critical benchmarks and potential catalysts in the cryptocurrency landscape, offering valuable guidance for investors navigating these volatile times.</p>
<p style="text-align: justify">However, obstacles remain. The SEC’s decision on spot ETH ETF applications is expected by May 23 and 24. A negative ruling could lead to declines in ETH and altcoins, while a rejection of all applications, including BlackRock’s, might trigger substantial losses. Given past frustrations with the BTC ETF process and recent lawsuits, approval seems unlikely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/inflation-data-pushes-crypto-market-up" rel="noopener noreferrer nofollow">Inflation Data Pushes Crypto Market Up</a></h5>

Inflation Data Pushes Crypto Market Up

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