Bitcoin and Altcoins remain immovable in the face of a significant slowdown in inflation
In a very complicated week for the price action of the major cryptocurrencies by market capitalization, in the last 24 hours Bitcoin and Altcoins remain immovable in the face of a significant slowdown in inflation.
According to information disclosed by William Suberg to the Cointelegraph news portal, "Bitcoin avoided a fresh attack on the USD 69,000 level at the Wall Street open on June 13, as markets played hard on the latest U.S. inflation data."
The truth is, "The brief move came as the U.S. Producer Price Index (PPI) for May came in below expectations overall, showing inflation is losing steam"
Now, "Given the longer-term outlook for both Bitcoin and ETH, trading firm QCP Capital joined those who were more optimistic about U.S. financial policy for the remainder of 2024."
It also stated that, "We maintain a structurally bullish outlook for the remainder of the year, driven by the anticipated approval of the ETH ETF S-1 and potential rate cuts in September and later in the year."
SOURCES CONSULTED
Cointelegraph. Bitcoin price tracks $68K as ‘chicken’ crypto market shrugs off US PPI. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
Thank you for sharing such valuable data in these uncertain times. See you later, have a great week.