Markets React Positively on Soft U.S. CPI Data
By Manoj Dharra
For the last 2-3 weeks, market participants were of the view that buying in this market is like trying to catch a falling knife, but few believe that extreme oversold conditions and near-universal pessimism suggest a relief rally is likely going forward… Bitcoin – Bitcoin (BTC) price topped the $84K level on Thursday, offering traders relief after a highly volatile session previously. Despite the improvement provided by the latest U.S CPI index, uncertainty remains in the air as the outlook for inflation remains hazy due to trade policy developments. Altcoins – Ethereum (ETH), XRP, and Solana (SOL) prices also maintained a trading session in the green zone, up 1%-3%. Crypto Market Cap – The crypto market gained nearly 1.65% in the past 24 hours, with the market cap exchanging hands at $2.71 trillion. Ripple Secures Dubai License To Offer Crypto Payments in UAE; XRP Jumps 3%. On Anticipation of Pi getting listed on Binance tomorrow on March 14th, PI jumps 12%. VanEck registers Avalanche ETF in US; AVAX Jumps 7%. BNB Jumps by 5% as Abu Dhabi’s MGX has acquired a minority stake for $2 billion in it. The first institutional investment in the world’s largest cryptocurrency exchange. Solana Price At Risk As Alameda Unstakes $23 Million SOL — An address linked to FTX and Alameda has unstaked nearly $23 million worth of SOL, threatening to send Solana price to news. Ondo Finance has officially teamed up with the Stellar Network to expand its tokenized US Treasuries. This partnership brings yield-bearing, real-world assets to Stellar’s powerful payment infrastructure, enhancing its capabilities. XLM Jumps 5% & ONDO Rises by 3%. Tech Check: The EU’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, which may drop below the critical $75,000 support level.
Meanwhile, Ethereum’s value against Bitcoin has hit its lowest level since mid-2020, with a crypto trader suggesting that it might be time to shift into higher-performing altcoins. “If still stuck on ETH, it is likely a good time to dump it to buy a higher beta altcoin,” economist and crypto trader Alex Kruger said in a March 12 X post. Outlook: Several voices on Wall Street saw the data as the “calm before the storm” given the uncertainties around the potential impacts of tariffs on the economy.
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