US Federal Reserve base interest rate and May CPI expected to be announced this week
Vanderpoff: “It’s a sideways move until clear results are announced.”
“Bitcoin surges when Trump is elected” report appears
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The sideways movement in digital asset (cryptocurrency) prices is interpreted as a wait-and-see attitude due to the impending announcement of economic indicators. The possibility of market fluctuations is expected to be low until the base interest rate decision by the Federal Open Market Committee (FOMC) under the U.S. Federal Reserve scheduled for this week and the announcement of the Consumer Price Index (CPI) in May.
May CPI will be announced on the night of the 12th, Korean time, and the results of the FOMC meeting will be released in the early morning of the 13th. Therefore, the consensus is that the digital asset market will maintain a quiet flow for the next two days.
Michael Vanderpoff, a famous digital asset researcher, said through his “Only this will allow us to move,” he analyzed.
◇Bitcoin = As of 5 p.m. on the 10th, the price of Bitcoin (BTC) as of Upbit is 97.01 million won. Bitcoin market share (dominance) was 53.63%.
Although there are no market movements that can change the market landscape, optimism about the Bitcoin price continues to rise.
Standard Chartered, a global investment bank, predicted that the digital asset market would fluctuate significantly depending on the results of the US presidential election to be held in November.
In particular, it was predicted that the price of each Bitcoin would soar to $150,000 if former Republican President Donald Trump, who continues to take a friendly stance toward digital assets, is elected.
In its own report published on the 9th, the SC stated, “Trump announced a regulatory pledge to support the digital asset market,” and added, “If former President Trump is elected and the pledge is realized, the digital asset market will benefit greatly.” mentioned.
◇ Rising Coin = As of 5 PM on the 10th, as of Upbit, the digital asset that recorded the largest increase compared to the previous trading day was PUNDIX, up about 7.78% from 24 hours ago.
Pundi Pundi X token (PUNDIX) is used for payment and incentives in XPOS.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Greed’ stage with 72 points. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.
Reporter Baekhyun Jeong andrew.j@
