✅ Market Situation:
🔹 Last week, the crypto market experienced one of its biggest drops in 2024, due to the impact of many negative reports. Despite signs of recovery, the market is still hovering around resistance levels, reflecting uncertainty ahead of the upcoming Consumer Price Index (CPI) report, which is expected to cause further volatility in crypto prices.
📈 The Impact of US Inflation on Crypto:
🔹 Crypto prices have risen for five consecutive days, thanks to easing concerns about a US recession following positive jobless claims figures.#Bitcoinand many#altcoinshave rallied more than 35% from weekly lows.
🔹 The increase was mainly due to the US jobless claims report, released on August 8, which showed the number of people filing for unemployment benefits fell to 233,000, from 250,000 the previous week.
🔮 Important CPI Report:
🔹 August 14 will be an important day for the crypto industry as the US releases its latest CPI report. Economists expect the report to show a slight decline in inflation, with the overall CPI expected to fall from 3.0% to 2.9% in July, and the core CPI (excluding food and energy prices) also falling from 3.3% to 3.2%.
💡#BitcoinCould Benefit From Interest Rate Cuts:
🔹 The decline in inflation could be good news for#Bitcoinand#altcoinsas it influences the decisions of the Federal Reserve (Fed). In its July monetary policy meeting, the Fed hinted at a possible interest rate cut in September. Some banks predict the cut could be 0.25% or larger, up to 0.50%.
If the Fed makes a significant rate cut,#Bitcoinprice could move towards $70K by the end of the week.
🔗 Read more: Coinpedia
