Reserve Dollar

bullish

Rally

Bitcoin

Reserve

Bitcoin (BTC) remained largely unaffected by global macroeconomic events on August 13, with its price action staying below the $60,000 mark.
Data from Cointelegraph Markets Pro and TradingView highlighted a lackluster performance for BTC/USD during the Wall Street open, contrasting with the more positive sentiment in stock markets.
The day’s bullish mood was driven by Japan, where the Nikkei 225 fully recovered its significant losses from earlier in the month. The index closed at 36,232 points, marking a 3.45% increase.
U.S. equities also showed promise, with the S&amp;P 500 and Nasdaq Composite Index rising by 0.8% and 1.4%, respectively, within the first hour of trading. This strong performance was fueled by the July Producer Price Index (PPI) data, which came in below expectations. The lower-than-expected PPI numbers spurred bets on interest rate cuts and increased capital flows into risk assets.
The latest data from CME Group’s FedWatch Tool indicated that markets are now favoring a larger 0.5% rate cut by the Federal Reserve at its upcoming meeting in September. Before the PPI release, markets had leaned toward a 0.25% cut.
Commenting on Bitcoin’s muted response to these developments, popular trader Daan Crypto Trades noted how macroeconomic data releases often lead to short-term fakeout moves in the market.
“This was just PPI, so the move wasn’t large,” he remarked in a post on X (formerly Twitter). “We tend to see similar things with CPI, which often causes much larger (and slightly slower) whipsaw moves.”

Bitcoin Price Action Ignores Japan and US Stock Market Rally

Crypto Intelligence

Other articles published on Aug 13, 2024

Polymarket Users Predict Trump’s Words

UAE and India use XRP not US dollar in historic oil trade

Tether Partners With Crypto Firm Xion Global To Boost Blockchain Education in South Africa

Bitget Wallet Outpaces MetaMask in Downloads as Mobile Wallets Gain Popularity Among Web3 Users

Restaking is ‘inevitable,’ but the risks are still uncertain — Ether.fi CEO

Ethereum (ETH) Price Decline Amid $25M Sell-Offs: What’s Next?

Join our free newsletter for daily crypto updates!