This article was published on the official account on the evening of May 16, and is now synchronized to Binance Square!
Last night, the U.S. Department of Labor released the latest April price index, which showed a monthly increase of 0.3% and an annual increase of 3.4%, lower than the market expectations of 0.4% and 3.5%. The market now generally believes that U.S. inflation is not as pessimistic as previously thought. Overall, the downward trend in inflation remains unchanged, but the time is longer. Food and energy prices have remained stable, and there has been no strong rebound.
Bitcoin rose 8% in a single day, from $61,000 to $66,000 (the price of Bitcoin was $66,120 at the time of writing this article).
As stated in the weekly article "Crypto Market Weekly: Trump supports cryptocurrency, focus on US inflation data and Powell's speech next week!" published last Sunday, "Bitcoin prices remain at $60,000, and optimism can be maintained. I am happy to have the opportunity to buy more Bitcoin in the $59,000 to $62,000 range."
At the same time, the price trend of Bitcoin is perfectly consistent with the previous predictions. It has formed the first proper structural reversal since March, created higher highs, broke through the purple trend line, and many bullish 4-hour candlesticks appeared.
It was also pointed out in last week’s weekly report that “in the past few days, almost all altcoins have been testing the bottom position. A small number of altcoins have begun to break upward after the volatility has dropped, but most altcoins have not yet broken upward. It is expected that they will continue to converge and reduce volatility before breaking upward.” So you can see the skyrocketing performance of many cryptocurrencies shown in the figure below (a spectacular sight not seen in two months).
Sei (SEI) is up 24% in the last 24 hours;
Fantom (FTM) rose 25.5%;
NEAR rose 17.4%;
IMX rose 18%;
......
The current market situation is that there is no need to worry about inflation pressure, and the cryptocurrency market depends on the growth rate of the Bitcoin spot ETF. At the same time, I think the overall market outlook is absolutely good, and there are many reasons to be bullish:
Stocks are at all-time highs;
Long-term interest rates top the list;
The dollar has peaked;
Bitcoin price at $66,000 breaks uptrend line;
The world economy is recovering and growing;
Fed Chairman Powell continues to speak dovishly (all speeches not raising interest rates are dovish);
Central banks are about to start cutting interest rates;
Quantitative Tightening (QT) tapering is about to begin;
In addition, at the time of writing this article, there is NOT any arbitrage of newly launched tokens on various exchanges.
However, currently, various exchanges do not support withdrawals from this network (unfortunately). We can continue to pay attention to this token and see if there is still arbitrage after the network is opened.
Previous selections:
"Solana: Why we are confident in it!"
《Solana ecosystem built by DeFi!》
《RWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!》
"Crypto Market Weekly: Trump supports cryptocurrency, next week focus on US inflation data and Powell's speech!"
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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