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Bitcoin Price To Rally As US CPI Inflation Cools To 2.9%
Bitcoin price saw upside momentum as U.S. consumer price index (US CPI) inflation cools further to 2.9%, as per the U.S. Bureau of Labor Statistics. After the PPI inflation reduced more than expected, the slowing CPI print will allow the U.S. Federal Reserve to start easing its monetary policy.
US stock futures were flat for Dow Jones, S&P 500 and Nasdaq Composite on Wednesday as investors look for cues on moderate price increases. Crypto traders turned bullish even before the CPI release due to buy-the-dip calls ahead of high anticipation for the Fed rate cuts starting in September.
US CPI Comes In Cooler
The annual CPI inflation rate in the US eases to 2.9%, down from 3% in June, according to the data by U.S. Bureau of Labor Statistics. Compared to the previous month, the inflation increased to 0.2%, rebounding from a 0.1% drop in June.
Meanwhile, core US CPI inflation came in at 3.2%, easing for the fourth consecutive month and 3.3% last month. It is the lowest reading since March 2021. The monthly core inflation rate also rose to 0.2% from 0.1%. However, it’s lower than 0.3% in the previous month.
The cooling inflation in all terms indicates room for the Fed to announce a rate cut. The central bank would still wait for upcoming jobs data and PCE inflation data before confirming its stance on rate cuts. The market bets for a larger interest rate cut from the Federal Reserve in September.
CME FedWatch tool data indicates a 50% probability of a 50 bps rate cut in September. The data also show odds of 100 bps rate cuts by the Fed this year after the recent US CPI release.
“This is a report that … is very much in line with expectations,” Citi economist Nathan Sheets says on July CPI data. “It’s consistent with the Fed’s expectations for ongoing disinflation of the US economy.” pic.twitter.com/0HWgI7L8qA
— Yahoo Finance (@YahooFinance) August 14, 2024
Bitcoin and Ethereum Prices to Rally
BTC price gained further after the inflation data, with a 5% jump in the past 24 hours. Bitcoin price is currently trading at $61,403, with a 24-hour low and high of $58,788 and $$61,572, respectively. Furthermore, the trading volume has decreased by 12% in the last 24 hours.
Favorable US CPI and PPI inflation data hint at a smooth crypto market recovery. Traders should focus on more cues before taking a position as the upcoming macroeconomic data this week is also crucial for the markets.
Meanwhile, ETH price is trading at $2,733, up 3% in the last 24 hours. The 24-hour low and high are $2,633 and $2,775, respectively. Furthermore, the trading volume has decreased by 19% in the last 24 hours, indicating a decline in interest among traders.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP price has come under strong selling pressure with more than 13% drop on the weekly chart, and is currently facing a make-or-break situation, flirting around $2 level. Following yesterday’s low at $2.03, the Ripple crypto has seen a brief bounce back above $2.11, however, it remains to be seen whether this bullish sentiment can sustain moving ahead from here onwards.
XRP Price Faces Crucial Test as MVRV Indicator Tanks
The Market Value to Realized Value (MVRV) ratio for XRP has dropped below its 200-day moving average, a key indicator that could suggest a macro trend shift in price action, reported crypto analyst Ali Martinez.
This crossover is often seen as a bearish signal, indicating that XRP price may be entering a new phase of market movement. Analysts are closely observing whether this dip is the start of a broader downtrend or signals a potential accumulation phase for investors. However, market analysts are hopeful of the 125% in XRP options trading volumes, with some expecting a potential bounce back to $2.5.
Ripple Crypto In A Make-or-Break Situation
As of press time, the XRP price is showing signs of recovery from yesterday’s bottom at $2.03 with daily trading volumes pumping 35% to more than $4.0 billion. However, per the Coinglass data, the XRP futures open interest is showing mild movement at 0.7%, showing no clear directional signs.
XRP has rebounded from the $2.03 support level and is moving upward, however, a sustained breakout above the trendline resistance of $2.30 is crucial to target $2.91.
If XRP fails to hold above $2.03, major support levels are positioned at $1.79 and $1.56, which could determine the next directional move. Traders are closely watching price action for confirmation of a bullish breakout or potential downside risk. If the Ripple crypto defends $2, some market analysts are predicting a 600% XRP rally from here.
Will Ripple Lawsuit Delay Play the Spoilsport?
Despite Ripple and US SEC agreeing on no further cross appeal in the XRP lawsuit, chances of an imminent settlement in this case seem low. An XRP advocate recently suggested that the SEC would not issue an official announcement regarding the XRP lawsuit until August 7, citing a court ruling as the basis for the claim.
However, former SEC attorney Marc Fagel dismissed the assertion, calling it “stupid and wrong,” sparking debate within the crypto community.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano founder Charles Hoskinson says the network will play a key role in Bitcoin DeFi transactions in the future. With several partnerships and innovations in the works, Hoskinson says Cardano is bracing itself to explore layer 2 solutions on the Bitcoin blockchain,
Cardano Positions Itself For Bitcoin DeFi
In an interview with Scott Melker, Cardano’s founder has revealed ambitious plans for the network to turbocharge Bitcoin’s adoption for DeFi applications. Hoskinson notes that large financial institutions will trigger a demand for Bitcoin DeFi given their fiduciary obligation to create yield.
He notes that a Bitcoin ETF providing DeFi yields will trigger shareholders to demand similar yields. Hoskinson eyes a three-year timeframe for institutions to plant their feet in Bitcoin DeFi and UTXO DeFi.
Hoskinson says Cardano will combine Hydra with the Bitcoin Lightning network and build a trustless recursive bridge between both networks. The founder adds that its Aiken programming language will enabled to write both Bitcoin and Cardano scripts.
Furthermore, a partnership with Maestro, an infrastructure provider allowing Bitcoin integration with UTXO-based blockchain will provide a “turn-key experience” for users.
“It’s still early days but we are making methodical progress every step of the way,” said Hoskinson.
Hoskinson is moving on from his absence from the Crypto Summit at the White House, doubling down on technical innovation. He notes that the Bitcoin-focused plays by Cardano will not adversely affect the network’s road map.
Is Bitcoin Ready For DeFi Applications?
Hoskinson revealed in the interview that Bitcoin is ready for DeFi utility following the Taproot and the Lightning Network advancements. According to the founder, Taproot added programmability features to the Bitcoin network and Cardano will push the frontiers.
He adds that Cardano will enable Bitcoin users to engage in DeFi transactions while transacting with only BTC. Hoskinson says a merger between Bitcoin is enough to make Cardano’s DeFi significantly larger than Ethereum and Solana combined.
While the integration will send Cardano price soaring, ADA wallows at $0,6611 after losing 10% in a week. However, traders are targeting an ADA pump in May following the forming of a cyclical pattern.
An analyst argues that a price rally to $10 is not a crazy prediction given a streak of solid fundamentals and partnerships for Cardano.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The world’s second-largest digital asset, Ethereum (ETH), struggles to keep up with Bitcoin. Market data shows that the ETH/BTC ratio has dropped to its lowest level in five years. Consequently, investors and analysts are now questioning whether Ethereum can recover in the coming quarter, considering Bitcoin may continue its long-standing domination in the digital assets market.
The Ethereum Bitcoin Ratio At New Lows
ETH performed poorly compared to Bitcoin in the first quarter of 2025. According to a recent update from The Kobeissi Letter, the Ethereum to Bitcoin ratio has dropped to 0.02, its lowest level since December 2020.
Historically, Ethereum has gained strength after Bitcoin halvings, but the trend has reversed. While Bitcoin price is going upward, Ethereum has struggled to gain traction.
Several factors have contributed to this decline. Bitcoin’s narrative as digital gold has strengthened, drawing more institutional investment. In addition, the coin has faced challenges, including relatively higher gas fees and competition from other blockchain networks.
Unfortunately, the Ethereum Pectra upgrade, which experts believe could drive a price increase for the coin, faced some challenges. As reported by CoinGape, multiple testnet attempts failed before the Hoodi testnet that launched recently.
Some experts believe Ethereum’s transition to proof-of-stake has not delivered the expected market boost.
Q1 Performance and ETF Downturn
The ETH price performance in the first quarter of 2025 has been disappointing. For context, data shows that the coin has dropped 46% this year, nearly 4 times more than Bitcoin’s decline of 12%.
Many investors expected a strong bull run, but Ethereum has remained weak. The adoption of spot Bitcoin ETFs earlier in the year attracted billions of dollars, but Ethereum has not seen the same level of interest for its potential ETF.
Market analysts suggest that institutional investors are still hesitant about Ethereum’s long-term value compared to Bitcoin. Bitcoin’s fixed supply and reputation as a hedge against inflation have made it a safer choice for institutional investors.
Where is ETH Price Heading?
Some analysts believe ETH price could hit $10,000 if broader market conditions improve and the Ethereum Pectra upgrade launches on the mainnet.
Others warn that if the coin continues to lose value against Bitcoin, investors may start shifting funds to other networks like Solana or Avalanche.
Even though short-term price predictions remain speculative, some traders expect Ethereum to rebound as Bitcoin stabilizes. Others believe the ETH/BTC ratio could drop even further.
As of this publication, CoinMarketCap data shows that Ethereum’s price was $1,842.29, up 1.34% in the last 24 hours. Many experts believe that the coming days will determine whether Ethereum can regain strength or whether Bitcoin’s dominance will continue to grow.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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