Can Cardano Price Trigger a 10% Rally Amid Positive CPI Data?
The post Can Cardano Price Trigger a 10% Rally Amid Positive CPI Data? appeared on BitcoinEthereumNews.com.
Cardano price increased over the past day as the upgrade nears completion. Speculation abounded in the crypto space after rumors of a potential meeting between Elon Musk and the Cardano founder went viral. The price of Cardano shows a bullish tendency, but volume is needed for the inbound rally. Will the US CPI data provide the required volatility? Cardano Price Gains Amid Positive CPI Data The United States Bureau of Labor Statistics has released the latest measure of the Consumer Price Index (CPI) data. This economic metric, which shows the United States inflation rate, is closely tied to Bitcoin’s short-term price movements. BTC hovered around $61,100 during the CPI data release, up 3.65% in the last 24 hours. The market expected the CPI to be 3% YoY, matching June’s records. MoM inflation was expected to rise slightly by 0.2%, higher than June’s 0.1%. However, the headline CPI came in at 2.9%, lower than expected, with the MoM inflation rate maintaining at 0.2%. The report likely seals the case for the Federal Reserve to begin cutting interest rates at its next meeting, September 17–18. This may translate into a win for Bitcoin, as Fed Chair Jerome Powell has already signaled that a rate cut is probable in September. The Cardano price increased by 1.9% over the last 24 hours, trading at $0.3422. With eased inflation, the bitcoin price may rally above $62,000, pulling the rest of the market up with it. Hence, Cardano may get the volume it needs to rise higher. Cardano Network Growing, But Whales Leaving On-chain data from IntoTheBlock reveals that the Cardano network is growing. Over the last 24 hours, the daily active addresses, which is the number of addresses that made a transaction in the past day, increased from 23,510 to 25,510, an uptick of 8.5%. This…
Filed under: News - @ August 15, 2024 1:23 am