The post Aug. 15 crucial date as Bitcoin and altcoins continue to rise appeared on BitcoinEthereumNews.com.

Cryptocurrency prices rose for the fourth consecutive day as concerns about a US recession faded after encouraging jobless claims data. It was a sea of green as Bitcoin (BTC) and most altcoins, which have risen by over 30% from their lowest point this week. US inflation report ahead One of the main catalysts driving the recent crypto and stock rally was the US jobless claims report on Aug. 8. According to the Bureau of Labor Statistics, the number of claims dropped to 233,000 in the prior week. A week before that, the claims rose to 250,000, the highest level in months. These numbers came a week after the non-farm payrolls report showed that the jobless rate rose to 4.3%, the highest level since 2021.  Therefore, Aug. 15 will be important for the crypto industry as the US will publish the latest Consumer Price Index (CPI) report. Economists polled by Reuters expect the data to show that the headline CPI dropped from 3.0% to 2.9% in July. The core CPI, which excludes volatile food and energy prices, is expected to drop from 3.3% to 3.2%. Bitcoin and altcoins could benefit from Fed cuts A sign that inflation is falling will benefit Bitcoin and altcoins because of its impact on the Federal Reserve. In its monetary policy meeting in July, the Fed hinted that it would consider cutting rates in its September meeting. Analysts are now divided on whether the first cut will be 0.25% or a jumbo 0.50%.  Some, like those from ING Bank and Citi, expect a 0.50% cut while others from Goldman Sachs and Societe Generale see a 0.25% reduction. A Polymarket poll also predicts several rate cuts this year. Cryptocurrency prices tend to do well when the Federal Reserve is cutting rates. The most recent example is in…

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Filed under: News - @ August 11, 2024 12:22 am