Reserve

Bitcoin

April

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The US inflation report released today showed a core CPI rate for June of 3.3%.</li> 
 <li>New CPI data triggered a rally for Bitcoin above $59,000.</li> 
</ul> 
<p>Bitcoin and the general crypto market, along with major equities, recorded a short-term rally today, following the release of the June CPI report.</p> 
<p>Following the lower-than-expected figures, BTC rallied past the $59,000 mark, reaching prices of around $59,300.</p> 
<p>At the moment of writing this article, BTC is trading below $58,000, following the sudden surge earlier today.</p> 
<p><a href="https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5.jpeg"><img loading="lazy" decoding="async" class="alignnone wp-image-46274 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5.jpeg" alt="BTC 1D graph coinmarketcap 5" width="1200" height="800" title="Bitcoin Price Spikes Above $59K Following Lower-Than-Expected CPI June Data 56" srcset="https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5.jpeg 1200w, https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5-300x200.jpeg 300w, https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5-1024x683.jpeg 1024w, https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5-768x512.jpeg 768w, https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5-750x500.jpeg 750w, https://crypto.ro/en/wp-content/uploads/2024/07/BTC_1D_graph_coinmarketcap-5-1140x760.jpeg 1140w" sizes="(max-width: 1200px) 100vw, 1200px"></a></p> 
<p>Ahead of the report, Bitcoin’s price <a href="https://crypto.ro/en/news/bitcoin-price-near-58000-ahead-of-todays-us-cpi-report/">recorded intense volatility</a>, as traders were expecting that the inflation numbers could solidify expectations for the Federal Reserve to cut interest rates in the coming months.</p> 
<h2 id="a-lower-than-expected-cpi-june-data">A Lower-Than-Expected CPI June Data</h2> 
<p>Traders were eagerly waiting for the <a href="https://www.bls.gov/" rel="nofollow noopener" target="_blank">US inflation report</a> for last month, which came in cooler compared to analysts’ expectations.</p> 
<p>The US Bureau of Labor Statistics revealed today that the unadjusted annual core CPI rate for June was 3.3%, below the market expectations of 3.4%. This is the lowest level since April 2021.</p> 
<p>Also, the seasonally adjusted monthly core CPI rate for June was 0.1%, below the market expectation of 0.2%, marking the lowest level since August 2021.</p> 
<p>Besides the short rally in the crypto market, stock futures also climbed following the report which showed an eased inflation that exceeded economists’ expectations.</p> 
<p>According to the latest data, the Nasdaq Composite rose by 1.18% and the NYSE Composite increased by 0.92% in pre-market trading.</p> 
<h2 id="chances-of-a-rate-cut-in-september-surge">Chances of a Rate Cut in September Surge</h2> 
<p>Bitfinex Head of Derivatives Jag Kooner said that today’s lower-than-expected CPI data signals a more significant slowdown in inflation. This could reportedly reinforce the market’s expectation of a rate cut in September.</p> 
<p>Also, according to the Chicago Mercantile Exchange (CME) FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank">tool</a>, interest rate traders have increased the chances that the US will see a rate cut in the near future.</p> 
<p>Chances surged from 68.1% before the reading of the latest CPI data to 81.3% after the report came out.</p>

Bitcoin Price Spikes Above $59K Following Lower-Than-Expected CPI June Data

Obsah

crypto.ro global

Ďalšie články zverejnené 11. 7. 2024

BTC Experiences Swift Reversal

Solana ETF Optimism Rises With $250M Stablecoin Influx

Do Kwon’s Wife Wins Lawsuit to Reclaim Seized Real Estate

Analyst Predicts Ripple’s XRP Price Will Hit New ATH ‘In All Fairness’ – But There’s a Catch

June Recap: Celebrating FIO Achievements! 🌟

Top Meme Coin Drops 2024 - Not to be Missed!

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!