Federal Reserve Governor Michelle Bowman said it is too early to consider lowering interest rates in 2024. The timing of this disclosure is very sensitive and has implications for both regular and cryptocurrency markets. The situation is further exacerbated by the fact that important economic data is expected to be released later this week.
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While the U.S. has had some success in controlling inflation, Governor Bowman recently stressed that inflation remains high and vulnerable to a number of positive factors.
Given the current economic conditions, the Fed has been cautious in monetary policy, which is consistent with this view. Bowman also stressed the importance of the Fed maintaining the impartiality and autonomy of its decision-making.
The above comments come ahead of the release of revised U.S. first quarter GDP data on Thursday, June 27. In addition, Friday will also see the release of key statistics on personal spending, income, and the U.S. PCE inflation rate. Market participants will be paying particular attention to the PCE and core PCE inflation statistics.
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The cryptocurrency market has been weak recently, and Bitcoin even fell below the $60,000 mark yesterday (25), reaching $58,402. Although Bitcoin has rebounded at the time of writing, reaching a high of $62,422 at 3 a.m. today (26), investors are still cautious about the future of BTC.
CryptoQuant analyst Mignolet said that based on the UTXO profitability percentage of Bitcoin during the consolidation phase last year, although Bitcoin is currently in a consolidation phase, the UTXO profitability percentage has clearly fallen from its low point. Therefore, Bitcoin whales may respond to the panic in the market, which also indicates that the market may see a V-shaped rebound.