The post Crypto Prices Explode As May CPI Print Beats Expectations, Best Altcoins To Buy Now appeared on BitcoinEthereumNews.com.

This article was paid for* The Bitcoin price is on the cusp of hitting $70,000 after the Consumer Price Index for May beat market expectations.  The annual US CPI inflation fell to 3.3% in May, surpassing the expected 3.4% figure. Similarly, the core CPI for May came out at 3.4%, beating the expected 3.5%.  The easing inflation immediately sparked conversations regarding interest rate cuts, resulting in a strong bounce in crypto prices. AI coins such as Render and Injective and meme coins such as Pepe and Dogwifhat are all up by over 10% since the CPI release.  All Eyes Now On Powell’s Speech Post FOMC Crypto prices initially exploded after better-than-expected CPI data. However, the rally failed to gather any momentum as all eyes now turn to the FOMC meeting later today on Wednesday.  While it is unlikely that the Federal Reserve will decide to cut its benchmark rate today, the CME FedWatch tool is now pricing in a greater than 60% probability of rate cuts by September.  More importantly, investors are now eyeing Fed Chair Jerome Powell’s press conference, scheduled at 2:30 PM Eastern Time.  Powell has adopted a dovish stance in his 4 previous press conferences, which has marked the local bottom for Bitcoin. Another dovish speech today could kickstart a major crypto price rally and catapult Bitcoin to a new all-time high.   Powell’s press conferences have been good for the market recently 👀 In fact, the past 4 FOMC events have all coincided with local bottoms and >20% rallies for #Bitcoin. With the next presser taking place on Thursday, a bounce could be closer than most people think 👀 pic.twitter.com/uyXySWRkBH — Jelle (@CryptoJelleNL) June 11, 2024 However, Powell may well adopt a hawkish – or at least a cautious stance – which could inject strength into the…

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Filed under: News - @ June 13, 2024 6:16 am