AI Coins Surge After Dovish CPI Inflation Print – Is WienerAI The Best Crypto To Buy Now?
The post AI Coins Surge After Dovish CPI Inflation Print – Is WienerAI The Best Crypto To Buy Now? appeared on BitcoinEthereumNews.com.
The Consumer Price Index for April spells good news for risk-on assets, with US stocks and cryptocurrencies displaying bullish strength in the aftermath. The YoY headline CPI data came out at 3.4%, right in line with the market expectations. The MoM headline figure even beat the 0.4% consensus, coming out 0.1% lower. BREAKING! US headline #inflation totaled 3.4% in April, MATCHING expectations. MoM 0.1% lower, however.Core #CPI, excluding food and energy, rose by 3.6%, also matching expectations.Back to rate cuts for 2024? pic.twitter.com/YdVvA8WY84 — jeroen blokland (@jsblokland) May 15, 2024 Additionally, the core CPI data cooled down for the first time in six months. Investors responded to the bullish CPI by opening long positions on stocks and cryptocurrencies, with the likelihood of interest rate cuts this year now going up. Crypto Prices Rally, AI Coins Outperform The Market Today’s CPI data has enormous significance for crypto prices. It is important to note that bad macroeconomic data is what resulted in a halt to the first quarter crypto bull run. Fed chair Jerome Powell adopted a dovish stance in his latest post-FOMC speech, which led to crypto prices showing strength. However, the market likely needed another confirmation of decreasing macroeconomic risks, something which today’s CPI data provides. CPI right on Consensus. Market loves it for now. I put in a bunch of longs accross the board for now. Cheers. pic.twitter.com/ffCPdBlMYY — Wizard Of SoHo (🍷,🍷) (@wizardofsoho) May 15, 2024 As previously mentioned, the likelihood of interest rate cuts this year – which appeared bleak a few weeks ago – has now received a significant boost. The CME FedWatch now expects two rate cuts in 2024 – one in September and another in December. The Bitcoin price is now trading above $64,400, up 4% today. AI coins have been the most impressive,…
Filed under: News - @ May 17, 2024 4:26 pm