Crypto ecosystem experienced a bearish mood ahead of U.S. Consumer and Price Index report (CPI), while stocks ended the day in a positive manner.
The following is a list of data CoinGecko is the world’s largest crypto market Cap fell by 2.1% over the last 24 hours, and currently sits at $2.72 Trillion. Total daily trading volume dropped by 3%, and hovered around $112 billion.
Bitcoin is the most popular cryptocurrency, but it has also seen a decline.BTCEthereum (ETHAfter a brief bullish trend on April 9, the price of Bitcoin (BTC) has slightly dropped. BTC fell by 2.6% during the last day and was trading at $68900.
ETH has fallen 3.3% in the last day, and currently trades at $3.510.
The red market condition comes before the release of the U.S. CPI data for March 2024 — set for April 10 at 08:00 ET (12:00 UTC).
The chief analyst for Bitget Ryan Lee believes that the results are in line with the projections. “it will amplify the likelihood of an interest rate cut in June as speculations regarding a Fed pivot are soaring.”
“While inflation is not really at the Federal Reserve’s preferred level of around 2%, the current reading is a significant improvement from the 10.6% recorded as of March 2023.”
Ryan Lee is the chief analyst for Bitget and he spoke to crypto.news.
According to a post on Investing.com by X, the CPI was expected to be 3.4% for March.
Lee said that this improvement had fueled speculation about a reduction in the bank funding rate from 5.25%-5.5% as soon as June. He added:
“The speculations that are likely to grow in the coming months will stir volatility in markets and the uncertainty might test the resilience of many stocks. In all, investors will need to trust that the Fed knows what it is doing and things will work out for all stakeholders in the long term.”
The stock market, on the other hand experienced a positive day in April. The S&P 500, for example, surged By 0.14% it has gained 7.52 points and now stands at 5,209.91.
Important to remember financial Whenever a high inflation rate is predicted, the markets tend to be nervous before CPI figures are released.
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Source: crypto.news
