Reserve Dollar

Cryptocurrency

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-market-fluctuates-with-new-economic-indicators" rel="noopener noreferrer nofollow">Cryptocurrency Market Fluctuates with New Economic Indicators</a><br></p>
<p style="text-align: justify">Cryptocurrency traders have observed market volatility in response to the latest US economic indicators. The relationship between macroeconomic data and cryptocurrency prices has been particularly evident during a challenging period for the market. Cryptocurrencies like <a href="https://en.bitcoinhaber.net/the-million-dollar-bitcoin-prediction-a-glimpse-into-cryptos-future" rel="noopener noreferrer nofollow">Bitcoin</a> have experienced fluctuations following the release of financial data, leaving investors and analysts to interpret the impact.</p>
<h2 id="market-dynamics-shift-with-economic-figures">Market Dynamics Shift with Economic Figures</h2>
<p style="text-align: justify">Bitcoin’s value is maintaining its ground, trading above $51,800 despite encountering resistance near the $52,300 mark. This performance is linked to economic data that surpassed expectations. In contrast, cryptocurrencies had previously slumped due to disappointing inflation figures in January, but have since rebounded.</p>
<p style="text-align: justify">The inflationary pressure has been underscored by the latest Producer Price Index (PPI), which exceeded projections by 0.3%. Subsequently, expectations for a Federal Reserve interest rate cut in March have plunged from a previous 80% likelihood to a mere 8.5%, as indicated by FedWatch.</p>
<h2 id="forecasting-the-path-for-digital-currencies">Forecasting the Path for Digital Currencies</h2>
<p style="text-align: justify">Analysis from The Kobeissi Letter suggests that the odds of a rate cut this March are nonexistent, aligning with the Federal Reserve’s estimate of up to a 75 basis point reduction through the year. Crypto analyst, Skew, has observed the market’s four-hour moving average at $51,000, suggesting a potential breakout before a significant price movement.</p>
<p style="text-align: justify">While some experts anticipate an imminent market correction, others focus on Exchange-Traded Funds (ETFs), which saw a substantial half-billion-dollar influx on February 15th, providing momentum to the market. Still, Venturefounder from CryptoQuant warns that if ETF inflows normalize, Bitcoin could drop by 20-30%, a scenario eagerly awaited by bearish investors.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cryptocurrency-market-fluctuates-with-new-economic-indicators" rel="noopener noreferrer nofollow">Cryptocurrency Market Fluctuates with New Economic Indicators</a></h5>

Cryptocurrency Market Fluctuates with New Economic Indicators

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