Grayscale’s head of research, Zach Pandl, made some remarkable statements on August 14. Pandl stated that falling inflation rates could accelerate the Bitcoin price and that he expects Bitcoin to retest its all-time highs after this process.
As volatility increases in the crypto market, the statements made by Grayscale’s head of research, Zach Pandl, on August 14 created an important agenda. Pandl stated that lower-than-expected core inflation data in the US could allow Bitcoin to retest ATH (all-time high) levels.
The U.S. Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for July on August 14. The data showed an annual price increase of 2.9%, marking the lowest inflation rate since 2021. Pandl said that this data is important because it sets the stage for the Federal Reserve to begin cutting interest rates. “Interest rate cuts could be a necessary condition for continued weakness in the U.S. dollar and could present an opportunity for Bitcoin to retest all-time highs. For crypto investors, this data could be a signal for interest rates to be cut sooner than expected,” Pandl said.
The data, which fell short of market expectations, suggests the U.S. Federal Reserve may continue with its planned rate cuts. Fears of a recession have been rising in the U.S., with the BLS reporting on Aug. 2 that unemployment hit a three-year high of 4.3%. The futures market is projecting expectations that the Federal Reserve will cut interest rates by at least 0.25% at its September meeting, according to CME FedWatch data. The current target is around 5.5%.
Bitcoin’s response to the report was relatively lukewarm. According to data from TradingView, Bitcoin rose to around $62,000 after the news, but then fell more than 3%. Crypto markets have largely recovered from the sharp pullback in August, with Bitcoin’s price dropping by about 18% in a single day. Grayscale is known as the largest crypto asset manager with more than $25 billion in assets under management (AUM).
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