In simpler terms, before the release of the U.S. Consumer Price Index report, there was a pessimistic outlook in the cryptocurrency market, but the stock markets ended with gains instead.
Based on information from CoinGecko, the overall value of the cryptocurrency market decreased by 2.1% within the last 24 hours and currently stands at approximately $2.72 trillion. Additionally, the daily trading volume experienced a decrease of 3%, reaching roughly $112 billion.
After a brief uptick in value, Bitcoin (BTC) and Ethereum (ETH), the top cryptocurrencies, experienced a minor drop following a broader market downturn on April 9. Currently, BTC is worth $68,900, representing a 2.6% decrease from its previous price.
ETH recorded a 3.3% fall over the past day and is trading at $3,510 at the reporting time.
Before the U.S. CPI data for March 2024, which is scheduled for release on April 10 at 08:00 ET (12:00 UTC), the market is displaying a red trend.
According to Bitget’s top analyst Ryan Lee, if the anticipated readings turn out to be accurate, it could increase the chances of the Federal Reserve lowering interest rates in June, given the growing buzz about a possible Fed policy shift.
“The inflation rate, which currently hovers above the Federal Reserve’s ideal 2% mark, has shown considerable progress since reaching a high of 10.6% in March 2023.”
Ryan Lee, the chief analyst at Bitget, told crypto.news.
According to a post on Investing.com’s X page, the Consumer Price Index (CPI) rate for February was 3.2%, with an anticipated rise to 3.4% in March.
“Which is your anticipated figure for the US February Consumer Price Index (CPI) inflation rate on Tuesday, with a previous reading of 3.2% year-over-year and an estimated increase to 3.4%?”
— Investing.com (@Investingcom) April 10, 2024
Lee indicated that this enhancement could potentially lead to a decrease in the bank fund rate as low as 5.25% or 5.5%, possibly even by June. He mentioned:
In the upcoming months, there may be much debate and conjecture which could lead to market instability and uncertainty, potentially challenging the strength of numerous stocks. Ultimately, investors must place faith in the Fed’s abilities and trust that positive outcomes will prevail for all concerned parties in the long run.
Instead of that, the stock market saw a gain on April 9. For instance, the S&P 500 rose by 0.14% or 7.52 points, reaching a new level of 5,209.91.
Before the Consumer Price Index (CPI) data is revealed, financial markets tend to display apprehension as there’s an anticipated increase in inflation.
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2024-04-10 15:10