Crypto Market Rebounds On Soft CPI Data
Crypto markets jumped on June 12 after U.S. CPI numbers for May came in flat, fueling expectations for promising inflation data.
U.S. Consumer Price Index (CPI) data was unchanged last month, down from 0.3% in April. The year-over-year (YoY) CPI also dropped from 3.4% in April to 3.3% in May, besting predictions that data would remain the same.
Core CPI YoY levels declined from 3.6% to 3.4% last month, the lowest rate since April 2021. The general consensus estimated a 3.5% point for this index.
Following the improved data, the total crypto market cap grew by 3% to reach $2.65 trillion, per CoinGecko. Bitcoin (BTC) broke a two-day red streak with a 4% surge, leaping above $69,300, while Ethereum (ETH) increased by nearly 3% to $3,639 at the time of writing.
Other digital assets ranked in the top 10 tokens, like BNB, Solana (SOL), XRP, Dogecoin (DOGE), and Toncoin (TON), also posted modest gains on the day.
A QCP Capital report suggested that crypto traders and investors anticipated cooler inflation data from the forthcoming Federal Open Market Committee (FOMC) meeting.
The firm noted “aggressive buying” of June 13 calls and increased funding rates, indicating market positioning for an upside move.
“A neutral FOMC outcome could propel the crypto market to retest its highs once more,” said QCP Capital analysts.
Cryptocurrencies and risk assets could see liquidity inflows if the Fed mirrors decisions from other apex banks. Recently, the European Central Bank and the Bank of Canada slashed rates. The U.S. dollar index (DXY) rose to a 30-day high following the news, meaning more capital became available for investments.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Binance: Tokenized RWA Market Surpasses $12b, Led By U.S. Treasuries
The market for tokenized real-world assets, excluding stablecoins, has surged past $12 billion, according to Binance. Th... Read more
Investors Pivot From PEPE, DOGE, Shift To New Hybrid Exchange Protocol
With memecoins like Pepe and Dogecoin plummeting, investors are turning to DTX Exchange for its hybrid trading potential... Read more
Pepe Unchained ICO Hits $13M As It Nears DEX Listings
Pepe Unchained raises $13M in a top ICO, aiming to tackle Ethereum’s slow speeds and high fees with a memecoin Layer-2... Read more