According to analysts at investment firm QCP Capital, the soft US consumer price index (CPI) figures are creating a positive backdrop for risky assets such as cryptocurrencies and stocks. The news sent the price of Bitcoin past $61,200.
QCP Capital pointed to data from the US Department of Labor, which showed that the CPI grew at an annualized rate of 2.9% in July 2024. On a monthly basis, excluding volatile components such as food and energy, the index rose by 0.2%.
Experts say this is the most significant decline in the index since the beginning of the year. The slowdown in inflation has led to a sharp increase in the value of Bitcoin, which has crossed levels above $61,200. In June, inflation in the United States is observed to have decreased from 3.3% to 3%.
"Today's CPI data was the focus of the market. A decline in the indicator will contribute to the recovery of stocks and cryptocurrencies against the backdrop of the expected reduction in interest rates by the US Federal Reserve," experts from QCP Capital are sure.
The Federal Reserve's next meeting is scheduled for September 2024.
QCP Capital previously predicted that despite the current correction in the prices of the first cryptocurrency, the Bitcoin options market remains positive. According to analysts, the Bitcoin rate may rise by the end of 2024.
