The cryptocurrency market is experiencing a notable decline today, with many digital currencies losing their recent gains. Bitcoin (BTC), the pioneering cryptocurrency, has dipped to $66,700. Ethereum (ETH) has fallen to $3,523, Solana (SOL) to $152, and Ripple (XRP) to $0.48.
Prominent crypto analyst Michael van de Poppe suggests that today could be pivotal for altcoins, potentially marking the beginning of a turnaround. This prediction comes amidst significant economic events, including the upcoming Consumer Price Index (CPI) release, the Federal Open Market Committee (FOMC) meeting, and the Federal Reserve’s interest rate decision.
Van de Poppe believes that these key economic events could significantly impact the markets, particularly the cryptocurrency sector. Historically, he notes, cryptocurrency prices tend to decrease before major economic announcements.
Despite recent events like Roaring Kitty’s event and GameStop’s correction last week, which did not positively influence price action, van de Poppe remains optimistic. He points out that past FOMC meetings have often led to significant increases in the value of both Bitcoin and Ethereum, providing a glimmer of hope during challenging market conditions.
The day’s key events include the CPI data release and the FOMC rate decision. The CPI data, which reflects changes in the prices of goods and services, is closely watched by the FOMC to assess inflation levels and potential interest rate adjustments.
Van de Poppe outlines market expectations for the CPI data:
The FOMC rate decision, scheduled for 20:00 CET, is a crucial moment for the market. Van de Poppe emphasizes the importance of Federal Reserve Chair Jerome Powell’s speech, which could provide valuable insights into future monetary policy decisions.
He predicts that a neutral stance from the FOMC could trigger positive reactions, particularly within the crypto market.
Despite the potential for market volatility, van de Poppe advises caution. He suggests closely monitoring the price action of gold, the US dollar, and treasury yields for signs of market sentiment.
As the day progresses, all eyes will be on the CPI data release and the subsequent FOMC meeting, events poised to shape the trajectory of the crypto market in the coming days.
Also Read : May US CPI Ease To 3.3%; BTC Price Surge To $69K
Will today’s events trigger a crypto turnaround? Let us know your predictions!
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