2024

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<ul>
 <li>CPI and PPI data came in lower than expected, indicating potential interest rate cuts.</li>
 <li>Bitcoin and other cryptocurrencies continued to decline despite favorable inflation data.</li>
 <li>Jerome Powell’s hawkish FOMC speech reduced anticipated rate cuts for 2024, impacting market outlook.</li>
</ul>
<p>The Consumer Price Index (CPI) data, which was <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noopener noreferrer nofollow">released</a> last Wednesday, revealed slightly lower than expected results. As opposed to the expected 3.4%, the regular CPI came in at 3.3%. The core CPI was 3.4%, which was marginally less than the predicted 3.5%. Additionally, monthly data showed positive numbers, such as 0.0% versus the expected 0.1% and 0.2% versus the expected 0.3%.</p>
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   <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> markets continue to drop, why?<br><br>This week was filled with macroeconomic data, which all turned out to be bad. However, the Dollar continued its strength the previous week, while Gold was strong too.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>’s price action was terrible, through which altcoins have…</p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1801668559224918048?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 14, 2024</a>
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<p>These positive figures point to a possible rate reduction in the near future. The cryptocurrency markets, however, have not demonstrated significant positive movement despite these promising indications.</p>
<p>The Producer Price Index (PPI) <a href="https://www.bls.gov/news.release/ppi.nr0.htm" target="_blank" rel="noopener noreferrer nofollow">data</a>, which was made public on Thursday, provided additional insight on inflation trends from the producer’s point of view. The regular PPI was 2.2%, which was less than the 2.5% that was anticipated. The Core PPI came in at 2.3% compared to its 2.4% estimate. The cryptocurrency markets have kept declining, despite the fact that these outcomes usually favor riskier assets.</p>
<p>Chair of the Federal Reserve Jerome Powell&nbsp; seemed to be taking a <a href="https://cryptonewsland.com/altcoin-crash-imminent-as-fomc-gathering-looms-what-should-investors-expect/" target="_blank" rel="noopener noreferrer nofollow">more cautious stance </a>toward rate cuts in 2024, even though CPI and PPI data showed lower inflation during his speech on Wednesday night.</p>
<p>This stance has made the markets more cautious about the future. The yield on 2-year Treasury bonds dropped to 4.694%, while the yield on 10-year Treasury bonds reached 4.211%, the lowest since April. Still, the cryptocurrency market as a whole has not reacted favorably.</p>
<p>The recent rate cut by the European Central Bank has contributed significantly to the US Dollar’s strengthening, which has seen it reach 105.75 points. The Dollar now holds a stronger position than the Euro as a result of this. In contrast to Bitcoin’s performance, gold has been trending upwards recently. The uncertainty surrounding the<a href="https://cryptonewsland.com/robinhood-ceo-announces-spot-ethereum-etf-listing-readiness/" target="_blank" rel="noopener noreferrer nofollow"> Ethereum ETF’s possible approval</a> has also added to the volatility of the market.</p>
<p>The cryptocurrency market is still volatile even with positive economic data that usually encourages riskier investments. The expected rate reductions in addition to changes in the global economy have not yet resulted in a surge in cryptocurrency prices. The market is still processing these complicated economic signals, so its short-term outlook is unclear.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
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 <li><a href="https://cryptonewsland.com/bullish-bitcoin-hangs-on-turbulent-political-standoffs/" rel="noopener noreferrer nofollow">Bullish Bitcoin Hangs on Turbulent Political Standoffs</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-drastic-supply-cut-sparks-hope-for-surge-to-0-01/" rel="noopener noreferrer nofollow">Shiba Inu’s Drastic Supply Cut Sparks Hope for Surge to $0.01</a></li>
 <li><a href="https://cryptonewsland.com/bottom-not-in-yet-long-time-trader-shares-warning-and-pearls-of-trading-wisdom-amidst-turbulent-market-waves/" rel="noopener noreferrer nofollow">Bottom Not in Yet, Long-Time Trader Shares Warning and Pearls of Trading Wisdom Amidst Turbulent Market Waves</a></li>
 <li><a href="https://cryptonewsland.com/btc-shorts-and-longs-liquidated-amid-cpi-data-release/" rel="noopener noreferrer nofollow">BTC Shorts and Longs Liquidated Amid CPI Data Release</a></li>
 <li><a href="https://cryptonewsland.com/crypto-market-awaits-cpi-data-release/" rel="noopener noreferrer nofollow">Crypto Market Awaits CPI Data Release, Limited Impact Expected</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/crypto-market-experiences-turbulent-week-amid-mixed-economic-data-better-days-ahead/" rel="noopener noreferrer nofollow">Crypto Market Experiences Turbulent Week Amid Mixed Economic Data, Better Days Ahead?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Crypto Market Experiences Turbulent Week Amid Mixed Economic Data, Better Days Ahead?

Crypto News Land

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