Bank

FOMC

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-surges-after-anticipated-data-release/" data-wpel-link="internal">Bitcoin Price Surges After Anticipated Data Release</a> 
After the eagerly awaited <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, the <a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-new-record-high/" data-wpel-link="internal">Bitcoin</a> price surged to the 69,500-dollar mark. It is now finding buyers at 69,220 dollars. The drop in inflation is motivating and seems to balance the panic that followed the Non-Farm Payroll data. However, the real big move is expected to be triggered by the Fed in a few hours. 
<h2 style="text-align: justify" id="inflation-and-the-fed">Inflation and the Fed</h2> 
The Fed will announce its <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> decision and members’ 3-year interest rate forecasts before the US markets close today. Additionally, Fed Chairman Powell will evaluate the latest data. Data such as JOLTS, PCE, and the Unemployment Rate had come in favor of crypto investors. The inflation data also recently came in favorably. If Powell focuses on the positive side, we can say that the recent decline in cryptocurrencies has turned into an opportunity for buyers. 
<figure id="attachment_361705" aria-describedby="caption-attachment-361705" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-361705" src="https://coin-turk.com/wp-content/uploads/2024/06/ABD-Mayis-Enflasyon.png" alt="" width="1181" height="565">
 <figcaption id="caption-attachment-361705" class="wp-caption-text">
 Details of US May Inflation Data
 </figcaption>
</figure> 
Considering that the European Central Bank made its first rate cut days ago, an overly hawkish stance should not be expected amid data reflecting the weakness in the US economy. The average rate cut estimate for Fed members this year was around 75bp, and even in this softened environment, we should see signals that the first cut will be made at least in September. The excited anticipation continues. 
<h2 style="text-align: justify" id="qcp-capital-crypto-commentary">QCP Capital Crypto Commentary</h2> 
The trading company, which makes evaluations by reading developments especially on the macroeconomic front for investors, shared its new analysis. In the assessment article shared about half an hour before the inflation data came out, they wrote the following: 
<blockquote> 
 “We approach tonight’s events with optimism for the following reasons; 
 BTC futures swap points bounced from the lowest level of 10% and rose yesterday as investors closed their short-term positions and profited from basic trading transactions. With any catalyst, we can easily see the yield rise above 15%. 
 Today, we saw aggressive buying in the June 13th maturity bonds along with a significant increase in the funding rate, indicating that the market is positioning for an upward surprise. 
 With the stock market losing its record levels for the second consecutive close, we believe that the drop in CPI and neutral FOMC results could push the crypto market to test its highest levels once again. 
 We are ready for a breakout expecting a catalyst likely to emerge after tonight’s FOMC.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-surges-after-anticipated-data-release/" data-wpel-link="internal">Bitcoin Price Surges After Anticipated Data Release</a></h5>

Bitcoin Price Surges After Anticipated Data Release

Table of Contents

COINTURK NEWS

Other articles published on Jun 12, 2024

Crypto: Market crash. Bitcoin and Ethereum waver

Solana Prediction: Can $150 Support Pave the Way to $200?

XRP/BTC Price Prediction: Why is XRP Price Still Crashing Today?

How Unisat’s PIZZA Airdrop Skyrocketed Its On-Chain Activity

Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months

Stacks (STX) And Kaspa (KAS) Record Bullish Reversal! Will They Hold Momentum?

Join our free newsletter for daily crypto updates!