The post Here’s Why BTC, SOL, & AI Coins Could Rally This Week appeared on BitcoinEthereumNews.com.

The crypto market witnessed a positive momentum last week, as evidenced by the jump in major crypto prices like Bitcoin, Ethereum, Solana, XRP, and others. Meanwhile, the rally follows a flurry of developments in the broader financial market, let alone the crypto sector. However, amid the rally, some market watchers are speculating if the positive momentum could last through this week. Why Crypto Market Is Poised For a Rally This Week? Several developments could shape the crypto market’s performance this week. Here we discuss some of the prominent reasons, that could fuel the rally further in the coming days. Bitcoin ETF Inflows The U.S. Spot Bitcoin ETF gained notable traction last week, with inflows nearing around $950 million. Notably, the significant inflow last week has bolstered the investors’ confidence, especially after the fund flows cooled over the past few weeks. Considering that, if the Spot Bitcoin ETFs continue to witness such inflows, the market participants would be shifting their focus more toward the digital asset space, potentially driving the prices higher. Cooling inflation data The U.S. Consumer Price Index (CPI) data from last week showed that the inflation has cooled in April, fueling the market sentiment. So far, the crypto market along with the broader financial sector has witnessed heightened volatility due to inflation concerns. However, the recent U.S. CPI inflation data has sent some relief to the market participants. In addition, the Bitcoin price also rallied following the data by the U.S. Labor market, as investors bet on a dovish stance by the Federal Reserve in the coming days. Having said that, the investors would keep a close watch on the upcoming minutes from Fed’s meeting in May, for more insights on the Fed’s potential move. Notably, the minutes from the Fed’s last meeting will be released on Wednesday, May 22. Also Read: Pro-XRP Lawyer Slams SEC Chair Gensler’s Crypto Understanding, Here’s All Fed official’s speeches & Economic Data The crypto market will also be keeping a close track of the upcoming Fed speeches next week. Fed Vice Chair…

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Filed under: News - @ May 20, 2024 2:08 am