Crypto Market on Edge: Over the past day, the total value of cryptocurrencies worldwide went up by 4.1%. It reached a high of $2.83 trillion onsday morning in London. Bitcoin, the most popular cryptocurrency, hit a record high by closing above $72,000 on Monday, showing a strong trend towards rising prices.
Bitcoin reached over $72,000 for the first time ever, breaking a record and exciting investors and fans.
Other cryptocurrencies like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and XRP are slowly bouncing back from the market crash in 2022.
U.S Market Check
More big investors, like those on Wall Street, are using cryptocurrencies more. This makes the prices of cryptocurrencies go up and down more, especially when important news about the US economy, like inflation and interest rates, comes out.
The people in charge of the US Federal Reserve have been increasing interest rates more slowly, and now they’re suggesting they might lower them later this year. Even though some people are worried, the fact that not many people in the US are out of work shows that the economy is strong. This is making the cryptocurrency market go up.
Economic Outlook – Are We Getting Mixed Signals?
But there’s still confusion because the US Consumer Price Index shows that prices keep going up without control. Jamie Dimon, who is the CEO of JPMorgan Chase, says we should be careful about quickly lowering interest rates because it might lead to a recession in the United States.
Today, the US Bureau of Labor Statistics will announce important information about the Consumer Price Index (CPI). They predict a slight 0.1 percent increase in the monthly change and no change, staying at 3.1 percent for the year. This information could affect the cryptocurrency market, making it more unpredictable in the next few weeks.
Upcoming Noteworthy Events
In the future, the cryptocurrency market might get more unstable because of important news. Tomorrow, Ethereum will have a big upgrade called Dencun, and the fourth time Bitcoin’s halving will happen in less than 40 days. In the past, this event has usually led to a big rise in cryptocurrency prices.
Even though there a
re doubts, people who strongly believe in cryptocurrencies for the long run, such as MicroStrategy and BlackRock, are still buying more coins. They think the value will go up more and they’re very sure about the cryptocurrency markets.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
