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Fundstrat predicts markets could turn bullish as inflation cools.

Researcher Tom Lee predicts a 15% increase in the S&P 500.

A previous rally after U.S. job numbers for April lends credence to Lee's bullish prediction.

Fundstrat researcher Tom Lee says positive inflation news can overturn prevailing bearish market sentiments.

An AAII survey says about 40% of institutional investors expect stocks to decline over the next six months despite bullish market indicators. 

Short-Term Sentiment is Contrarian

The AAII sentiment survey is contrarian, meaning that investors have earned higher-than-expected returns after periods of low optimism. Sentiment surveys often inform short-term trading.

Lee believes that cooling inflation aided by falling housing costs should ease investor concerns. He predicted that the S&P 500 would rise 14% in the next year rather than fall 15% as investors expect. 

Stocks seesawed on Monday morning as markets prepared for President Joe Biden’s debt ceiling talks.

#bitcoin (BTC) recovered to $27,400 after falling to $26,500 on Friday, with #Ethereum (ETH) up 1.45% to $1,830. It has not consolidated any gains above $30,000 since breaking above that level in April.

Lee’s last prediction that the S&P 500 would hit a record high last year failed to materialize as the index had its worst year since 2008. 

Previous Market Sentiment Response Suggests Correct Prediction

Headline inflation fell to 4.9% annually in April after around 5% of interest rate hikes in the last 14 months.

U.S. Annual Inflation | Source: TradingEconomics

Falling #inflation suggests that the Federal Reserve (Fed) may pause increases which could be a boon for equities and crypto given their recent correlation. 

Stocks and crypto defied expectations and rallied after the April U.S. jobs report revealed an increase in hourly wage growth.

A decrease in the three-month employment average drove the rally. The Fed views decreasing job numbers as signs that interest rate hikes are cooling the economy.

Despite bullish indicators, Bank of America recently predicted that the American economy could enter a recession this quarter.

Oil prices have recently stabilized after four bearish weeks as investors contemplated the U.S. debt ceiling and slowing economic growth in China.

Fed chair Jerome Powell suggested that a U.S. recession was avoidable earlier this month.

source: beincrypto

image source: ai

#CryptoDailyDigest #crypto

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

XRP, the native cryptocurrency for the #Ripple network, has witnessed an impressive surge following the public release of the highly anticipated Hinman documents.

On Tuesday, the popular #cryptocurrency soared over 7% to tap $0.5650 at noon. This price movement was met with enthusiasm from investors, as the reveal is a significant development in the ongoing legal dispute between the cryptocurrency firm and the US Securities and Exchange Commission (SEC).

In a tweet, Ripple CEO Brad Garlinghouse expressed his optimism about the potential influence of these documents on the lawsuit, saying he believes “they were well worth the wait.”

The infamous Hinman documents consist of internal communication within the #SEC related to a speech delivered in 2018 by William Hinman, the former Director of the Corporation Finance division. In the speech, Hinman stated that Ether was not a security. Ripple has always insisted that these documents will be crucial, shedding light on the SEC’s perspective on cryptocurrencies, particularly Ether and XRP.

Expressing his gratification, Stuart Alderoty, Ripple’s Chief Legal Officer, noted that the public could finally get a glimpse at what occurred behind the scenes. According to the lawyer, the documents reveal that Hinman disregarded multiple warnings regarding the speech’s fabricated analysis, which lacked a legal foundation and failed to consider the Howey factors.

Stuart argued that these factors, created by Hinman to determine when a token becomes “sufficiently decentralized”, were seen as introducing confusion and regulatory gaps within the market. He noted that despite the agency exhibiting inconsistent positions on the speech’s significance in litigation, it remains accessible on the SEC’s website. This is despite the SEC insisting that the documents were Hinman’s opinion.

Stuart concluded by calling for the immediate removal of the speech from the SEC’s website, investigating potential influences on Hinman, and reassessing the speech’s validity in discussions around the classification of tokens. He emphasized the need for unelected officials to faithfully apply existing laws rather than attempting to create new ones, as Hinman seemingly did.

It is important to note that as the legal dispute between Ripple and the SEC approaches its conclusion, the contents of Hinman’s documents can tilt the scales in favour of Ripple.

Meanwhile, apart from the public release of the Hinman documents, the #crypto market has also been reacting to two other notable events. Today, the US Court of Appeals for the third circuit ordered the SEC to clarify a rulemaking petition by Coinbase.

On the other hand, Binance US is also expected to challenge the SEC’s request to freeze its assets. The exchange filed a motion in court on Monday, June 12, stating that complying with the SEC’s request would put it out of business if granted.

source: zycrypto

image source: AI

#CryptoDailyDigest

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.