The cryptocurrency market enters a crucial week as the United States releases CPI and PPI inflation data this week, giving FOMC members another “pause” on interest rate hikes. It will bring Bitcoin and Ethereum prices back from the bottom, bringing a market-wide recovery and confirming a bullish outlook for the rest of the year.
The market expects the annual CPI to be 3.6%, higher than the 3.2% CPI in July. Furthermore, August's annual core CPI cooled to 4.3% from 4.7% in July. The market expects monthly core PPI data to cool again to 0.2%.
He US Federal Reserve It will likely end with rate hikes as the labor market cools and the unemployment rate rose last month. Traders now await this week's CPI data to confirm market direction, while taking caution during September, historically the worst month for markets.
CME FedWatch Tool sample a 93% probability of announcing a pause at the next FOMC meeting on September 20. Wall Street analysts also believe in a possible rate hike at the end of the year. Meanwhile, the US dollar index (DXY) still holds above 104.50, which risks BTC price remaining under pressure.
Additionally, the European Central Bank will announce its decision to raise interest rates on Thursday. The forecast is for a pause amid continued rate hikes since last year.
Also read: G20 Crypto Recommendations Show India Not Opting for Crypto Ban
Cryptomarket: Bitcoin and Ethereum prices under pressure
Crypto Market Action Dull Amid Rising DXY and Lag SEC Decision on Spot Bitcoin ETFs. While traditional market participants are pressuring the US SEC to approve a Bitcoin ETF.
BTC price trading sideways in the last 24 hours and last week, with the price currently trading at $25,862. However, trading volume has increased in the last 24 hours, indicating an increase in interest among traders.
Meanwhile, ETH price fell 1% in the last 24 hours and almost 2% in the last week. The price is trading at $1,615, with a 24-hour high of $1,627. However, trading volume has increased by 85% in the last 24 hours.
Also read: Does the Terra Luna Classic community vote on an important proposal, the reversal of LUNC and LUNA?
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: