Price: $0.19353 -0.8763%
Market Cap: 28.39B 1.104%
Volume (24h): 4.55B 0.2%
Dominance: 1.104%
Price: $0.19353 -0.8763%
Market Cap: 28.39B 1.104%
Volume (24h): 4.55B 0.2%
Dominance: 1.104% 1.104%
  • Price: $0.19353 -0.8763%
  • Market Cap: 28.39B 1.104%
  • Volume (24h): 4.55B 0.2%
  • Dominance: 1.104% 1.104%
  • Price: $0.19353 -0.8763%
Home > Information news > Bitcoin, Mantra, Notcoin prices rise as US CPI data point to a Fed cut

Bitcoin, Mantra, Notcoin prices rise as US CPI data point to a Fed cut

Release: 2024/07/11 22:03 Reading: 303

Original author:crypto.news

Original source:https://coinmarketcap.com/community/en/articles/668fdf60577426349c73ca24

Bitcoin, Mantra, Notcoin prices rise as US CPI data point to a Fed cut

Bitcoin and Altcoins Surge on Positive US Inflation Data

Bitcoin and other altcoins experienced a significant surge in value following the release of encouraging June inflation data from the United States.

BTC's Ascent

On Thursday, BTC jumped to over $59,000, marking a significant rise from its previous low of $53,700 last week. Several other tokens, such as Mantra (OM), Notcoin (NOT), AAVE (AAVE), and JasmyCoin (JASMY), also witnessed double-digit percentage gains.

US Inflation Data

Data from the Bureau of Labor Statistics (BLS) revealed that the headline consumer price index (CPI) decreased from 0.0% to -0.1% in June, falling below the median estimate of 0.1%. The headline CPI also declined from 3.3% to 3.0%, again lower than the median estimate of 3.1%. The core CPI dropped from 0.2% to 0.1% and from 3.4% to 3.3%.

These statistics suggest that inflation is stabilizing, a development that could influence the Federal Reserve's future actions. In a recent statement, Jerome Powell indicated that the bank may consider rate cuts if inflation continues its downward trend. Most economists anticipate the first interest rate reduction to occur at the September meeting.

Impact on Bitcoin and Altcoins

Cryptocurrencies typically perform well in environments of monetary easing, as witnessed earlier this year when Bitcoin reached an all-time high while the Fed hinted at possible rate decreases.

Interest rate cuts tend to incentivize investors to shift their funds from safe money market funds to higher-risk assets like Bitcoin, Mantra, and Notcoin. Other altcoins, such as Ondo Finance, Near Protocol, and Pepe, may also experience continued growth.

Potential Risks

Despite the positive market sentiment, the crypto industry faces potential risks that could impact prices. For instance, Bitcoin's available supply is gradually increasing due to the German government's ongoing sale of its holdings. Miner capitulation and Mt.Gox distributions also pose potential challenges.

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