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US CPI and Core CPI Estimates By Wall Street Signals Crypto Market Recovery
Crypto traders await cues from the latest US Consumer Price Index (CPI) and core CPI data to determine whether it’s time for Bitcoin to hit a new all-time high or concerns still prevail. The U.S. Bureau of Labor Statistics will release CPI inflation data for May hours before the US Federal Reserve’s interest rate decision on Wednesday, June 12. The data is crucial after a higher-than-expected US jobs data last week that scaled back bets on Fed rate cuts.
Wall Street giants including JPMorgan, Bank of America, Goldman Sachs, Morgan Stanley, Citigroup, UBS, Nomura, RBC, and Barclays estimate CPI to come in line at 3.4%. Meanwhile, BNP Paribas, TD Bank, and Wells Fargo forecast CPI inflation cooling to 3.3%.
As per economists, the annual CPI inflation to come in line at 3.4%, similar to last month. The monthly rate seen slowing to 0.1% from 0.3% last month. Also, the annual Core CPI is expected to fall to 3.5% from 3.6% last month and month-on-month core inflation to hold steady at 0.3%, after a major drop last month.
Both inflation data estimates by Wall Street and economists signal an overall positive numbers and sentiment for an uptick in the market. US stock futures steadied today as investors braced for double macro event of CPI and FOMC. Meanwhile, China announced its inflation rate falling below estimates.
Bitcoin Traders Eyes Fed Rate Cuts in September
Banks have predicted Fed rate cuts starting in September. A cooling CPI inflation and PCE inflation to confirm September as an official pivot by the Fed. Meanwhile, Fed Chair Jerome Powell remains bullish on the state of the US economy, still expecting three rate cuts, despite two indicated by Fed swaps.
The US dollar index (DXY) dropped ahead of CPI and Fed rate decision. It’s moving around 105.22, likely to drop below 105 after the key macro events. CPI in line with market estimates could raise bets for a rate cut in September, potentially lifting Bitcoin price.
Moreover, US 10-Year Treasury yields (US10Y) pared gains this week amid positive sentiment for market recovery, fading concerns raised after last week’s jobs data. Bitcoin price moves in the opposite direction to the US treasury yields and traders eyeing a further drop with slowing monetary policy tightening.
Also Read: Why The World’s Largest Bank Called Ethereum (ETH) Digital Oil
Bitcoin Price Rebound Post CPI To Bring Crypto Market Recovery
Bitcoin tends to dump into FOMC and CPI as the crypto market overreacts, which should reverse after these events. BTC price is creating a healthy market structure on the bigger timeframe and a buy-the-dip opportunity, said analysts. It has formed an inverse head and shoulders pattern in the lower timeframe, which could bring a recovery in the broader crypto market as BTC rises.
Open interests are increasing once again to hit all-time highs, but met a rough patch due to macro events. Total BTC futures open interest is at $35.47 billion, with fresh hints of buying from the bottom, as per Coinglass data.
Options market data indicate a rebound above $67,500 today and to surpass $69,000 on expiry day on Friday. Options traders have bet Bitcoin to hit highs of $75K and even $80K by the end of June. Traders are bullish after this heavy macro week, as per Deribit.
Meanwhile, spot Bitcoin ETFs saw a $200 million outflow amid macro concerns. Fidelity, Bitwise, ARK 21Shares, VanEck, and GBTC Bitcoin ETFs recorded outflows on Tuesday.
BTC price is trading at $67,265, down 0.57% in the last 24 hours. The support level is at $66K, a drop below this will negate the bullish scenario in the short term. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating a rise in interest among traders.
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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.
A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
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.
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