The post Cryptocurrency Market Experiences Significant Surge appeared on BitcoinEthereumNews.com.

The cryptocurrency market experienced notable growth this week, driven by expectations that the US Federal Reserve (Fed) may reduce interest rates in September. Bitcoin (BTC) surged close to $65,000 over the weekend, while Ethereum (ETH) reached $2,800. Market participants are now turning their attention to the upcoming Personal Consumption Expenditures (PCE) data and other key economic indicators to gauge inflationary pressures in the US. How Will Fed Officials Influence the Market? Recent remarks from Fed officials have heightened optimism within the market. Statements from key figures, including Fed Chair Jerome Powell, suggest a more dovish approach, reinforcing expectations of a rate cut in September. This dovish sentiment has been a catalyst for the recent cryptocurrency rally. Access NEWSLINKER to get the latest technology news. Market participants are eagerly anticipating further comments from Fed officials this week. On Monday, San Francisco Fed President Mary Daly is scheduled to speak in a television interview, followed by Atlanta Fed President Raphael Bostic on Wednesday. Consistency with prior dovish statements could sustain market momentum, whereas a hawkish tone might incite selling pressures. What Does the PCE and GDP Data Reveal? The market is keenly awaiting the PCE data release this week to clarify inflation uncertainties. Forecasts indicate that July’s US PCE inflation data will rise from 0.1% to 0.2% monthly, while annual rates are expected to hold steady at 2.5%. The core PCE data, on a monthly basis, is anticipated to remain at 0.2% but increase annually from 2.6% to 2.7%. Surpassing these expectations could negatively affect market sentiment. Fed Chair Powell has indicated a potential rate cut in September but emphasized that upcoming data will guide their decision. Thus, the upcoming PCE data is crucial in shaping the Fed’s interest rate policy. Additionally, the second revision of the US second-quarter Gross Domestic Product…

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Filed under: News - @ August 25, 2024 8:14 am