The post Crypto Market Predictions for Next Week Ahead of CPI Report: What to Expect? appeared on BitcoinEthereumNews.com.

Last week, the crypto market experienced one of its major crashes in 2024, triggered by multiple bearish reports. Since then, the market has shown signs of recovery, though it continues to fluctuate near resistance levels. This instability is because of the anticipated CPI report due later this week, which could lead to further volatility in crypto prices. This article will explore potential market trends for the coming week as the CPI report’s release approaches. US Inflation Sets The Crypto Sentiment Crypto prices have climbed for fifth straight days, triggered by declining fears of a U.S. recession following positive jobless claims figures. The market was awash in green, with Bitcoin and several altcoins surging over 35% from their weekly lows. The recent rise in both the crypto and stock markets was largely triggered by the U.S. jobless claims report released on August 8. According to this report, fewer people filed for unemployment last week, with numbers dropping to 233,000 from 250,000 the week before. Also read: What’s Next For BTC, ETH, BNB, SOL, And XRP As Crypto Market Stumbles! This data came shortly after another report showed that the unemployment rate had increased to 4.3%, the highest it’s been since 2021. The CPI data for June showed a small decrease of 0.1% in overall prices from the previous month, and a slight increase of 0.1% in core CPI, which doesn’t include food and energy prices because they tend to change a lot. The report for June also showed that the annual inflation rate was 3% overall and 3.3% for the core measurements. Looking ahead, August 14 will be a key date for the crypto industry, as the U.S. will release its latest Consumer Price Index (CPI) report. Economists expect this report to show a slight decrease in inflation, with the overall…

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Filed under: News - @ August 11, 2024 10:08 am