Top Crypto Performers Today – 1000SATS, Maker, Akash Network
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Major cryptos are moving sideways on Tuesday, with Bitcoin (BTC) still stuck between the $68,000 and $60,000 levels and the Ethereum (ETH) rally that saw it rise above $2,750 on Monday easing, with traders instead turning to altcoin markets in their hunt for top crypto performers today.
Despite US PPI data coming in softer than expected, bolstering the case for rapid Fed interest rate cuts this year, most major cryptos were in the red over the past 24 hours.
Ahead of tomorrow’s CPI data, US PPI inflation came in softer than expected – across the board.
The annual headline inflation rate is now running at 2.2%, with the core measure at 2.4%.
For markets, and pending tomorrow’s CPI numbers, this allows the Federal Reserve to be more…
Bitcoin was down 1%, Ethereum down 1.5%, Solana 1.8%, Toncoin 3.3% and Dogecoin 2.2% per CoinMarketCap.
That’s probably because traders are keeping their powder dry ahead of US CPI data, which comes out on Wednesday.
CPI has a much bigger impact on Fed policy expectations that PPI.
Tomorrow is a huge macro day as US CPI year over year is released – previous 3% expected 3%. Expect fuckery aka manipulated volatility. pic.twitter.com/LT2rKWRwDT
So any optimism about falling inflation and Fed cuts in wake of today’s PPI data could quickly reverse tomorrow, if CPI figures come out hotter-than-expected.
That said, most analysts seem to expect tomorrow’s US CPI data to support the rapid Fed rate cut narrative. So risks may be tilted towards a crypto rally in the second half of this week.
In the meantime,
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