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Crypto Market Manages to Rise Despite Negative Sentiment
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Crypto Market Manages to Rise Despite Negative Sentiment
Liputan6.com, Jakarta – Crypto markets are recovering slightly, but Bitcoin (BTC) prices remain under pressure as market players prepare for US inflation data and crypto derivatives contracts expiring on Friday.
Top altcoins, such as Ethereum (ETH) are also facing pressure as they weaken against BTC prices, with Bitcoin dominance back up above 53%.
Tokoccrypto trader, Fyqieh Fachrur said investors are now focusing on personal consumption expenditures (PCE) and core PCE inflation figures, which are the Fed's preferred indicators for measuring overall US inflation.
“Wall Street expects PCE inflation to be lower than expected. The market expects annual PCE inflation to be at the same level of 2.7% as last month. “Meanwhile, MoM PCE inflation is also estimated at 0.3%, similar to the previous month,” said Fyqieh in a press release, Saturday (1/6/2024).
Fyqieh explained that annual and monthly core PCE inflation will remain at the same level, namely 2.8% and 0.3%, according to market estimates. Although stagnant actual PCE inflation figures will have a positive impact on the market, signaling a decline in inflation, Wall Street banks expect an inflationary pivot to drive the market rally.
The US dollar index (DXY) weakened near 104.70 after consecutive gains in recent days. US GDP growth was revised lower to 1.3% in Q1, in line with expectations, mainly due to slower consumer spending.
“Meanwhile, the 10-year US Treasury yield fell towards 4.55%, down from a four-week high of 4.61% reached yesterday as markets continued to assess the latest data for clues regarding the Fed's policy outlook,” he explained.
Crypto Market Manages to Rise Despite Negative Sentiment
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