The post Bitcoin Rallies Near $65,000 Amid Upcoming US PCE Inflation Data and Fed Rate Cut Hints appeared on BitcoinEthereumNews.com.

The cryptocurrency market is anticipated to experience significant volatility this week, influenced by critical economic indicators. Federal Reserve officials’ upcoming addresses are expected to provide key insights into monetary policy that could impact market trends. After hints of a potential rate cut from Fed Chair Jerome Powell, cryptocurrencies like Bitcoin and Ethereum showed remarkable price strength over the weekend. This article analyzes the implications of upcoming US economic data and Federal Reserve remarks on the cryptocurrency market, providing a comprehensive overview for investors. Market Reaction to Fed Rate Cut Speculation The cryptocurrency market experienced a notable uptick last week as speculation around a potential interest rate cut by the Federal Reserve gained traction. Bitcoin surged towards the $65,000 threshold, while Ethereum climbed to approximately $2,800. This shift in market dynamics can be traced back to dovish statements made by Fed officials, particularly those from Chair Jerome Powell, which fueled optimism regarding a more accommodative monetary policy. Insights from Federal Reserve Officials Market sentiment has been positively impacted by comments from several Federal Reserve officials indicating a preference for a softer approach to regulation. The upcoming week will feature critical addresses from key figures, such as San Francisco Fed President Mary Daly and Atlanta Fed President Raphael Bostic, whose insights are keenly anticipated by traders. These remarks could further establish or challenge the prevailing optimism in the market. Upcoming US PCE Inflation Data and Its Market Implications This week’s release of the Personal Consumption Expenditures (PCE) inflation data is poised to be a significant event for both the cryptocurrency market and the broader financial sector. Analysts predict that the PCE inflation figure for July will show a modest increase to 0.2%, consistent with the previous month, while the year-on-year figure is expected to hold steady at 2.5%. Notably, fluctuations in this…

---

Filed under: News - @ August 25, 2024 2:39 am