BTC, Ethereum Accumulate Gains Ahead Of CPI Data
By Laxmikant Khanvilkar
Leading cryptocurrencies like Bitcoin & Ethereum are warming up ahead of key U.S. macro data release that may help the U.S. Federal Reserve somewhat moderate it’s current rate-hike path.
The December CPI print, to be released later today, is expected to ease. The economists predicting the annualized rate to fall to fresh yearly lows of 6.5% from 7.1% in the previous month. This expectations has already bolstered investor sentiment.
U.S. stock futures have finished higher during Wednesday’s session.
On the bond markets, United States 10-Year rates were trading near 3-week lows of 3.543%.
In addition to the CPI data, investors will also keep a watch on the jobless claims data and a speech from FOMC member Harker will also be closely watched.
Meanwhile, the crypto market cap has seen a 2.42% increase, reaching $879.41 bn in the past day. 24-hour volume has experienced a 10.69% surge, amounting to $38.84 bn. Of this, DeFi accounts for 8.47%, with its total volume reaching $3.29B. Stable coins make up 92.47% of the total volume, at $35.91 bn. Bitcoin holds the highest dominance level at 39.25%, rising 0.10% over the day.
Interestingly, the analyst are sounding optimistic about BTCs future prospect. The analyst at Rekt Capital is predicting the world’s popular cryptocurrency to form a “bottoming candle” in 2023, and has added that “the BTC price action is still more than able to surprise the entire crypto market”.
In a tweet on January 11, popular trader and analyst Rekt Capital predicted that BTC/USD might see a ‘decent upside’ movement in 2023.
Taking into consideration the current macroeconomic environment, nonetheless, rising from ashes like a phoenix might demand a lot of luck when it comes to the suppressed crypto asset prices, the analyst has cautioned.
With the US Federal Reserve still raising interest rates as inflation subsides, worries now focus on the long-term policy implication.
In other news, the early Bitcoin believers Cameron Winklevoss and Barry Silbert are engaged in a public war of words over the fate of $900 million. Fallout from “crypto winter” are turning for worse!
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