NewsletterBitcoin, XRP Price Gains As Stock Market Looks Mixed Ahead Of Inflation Data
Crypto News: Bitcoin (BTC), the world’s biggest crypto registered massive gains to lead altcoins toward recovery. However, the U.S. stock index futures dropped some mixed signals suggesting that investors are not willing to take advanced bets ahead of the Inflation data release.
Also Read: MicroStrategy Stock Spikes As Its Bitcoin Bet Turns Green
Stock Market Looks Confused Ahead Of CPI Data
Reports suggest that the investors are in a hope that the Federal Reserve System will end its aggressive monetary policy. However, a solid labor market report pumped the bets of the Central Bank increasing rates by 25 basis points. This comes after the market saw a major sell off due to several mid sized lenders collapsed.
Data suggests that the traders seek a 68% chance of a surge in the inflation rate. Meanwhile, this rings a bell of recession slowly sliding in the light of weak economic data. The report mentions that economists believe CPI to grow by 5.2% in March. The core prices are also seeking a rise to 5.6%. Read More Crypto News Here…
It added that the investors expect the profits for the first quarter at S&P 500 firms to drop around 5.2% year on year (YOY). However, S&P 500 index (SPX) dropped 3.10 points or 0.08% at the press time. While Dow Jones Industrial Average (DJI) saw a jump of 39 points or 0.12%, at the same time. Nasdaq Composite (INDEXNASDAQ: .IXIC) is down by 58.61 points or 0.48%.
Also Read: Janet Yellen Says Inflation In US Still ‘Too High’, Ahead Of CPI Data Release
Bitcoin price is up by more than 6% in the last 24 hours, BTC is trading at an average price of $30,136, at the press time. Its 24 hour trading volume is up by 92% to stand at $25 billion.
Ripple’s native token, XRP price is on a surge gaining around 4% over the past day. It is trading at an average price of $0.518, at the press time.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: U.S. Jobs Data Comes In Above Expectations, Bitcoin Price Rises
- Bitcoin Risks Deeper Fall on $20 Billion Crypto Hedge Fund Redemptions
- Crypto Attack of the Century? Solana Network Resists Historic DDoS With Zero Downtime
- Shiba Inu News: SHIB Scores Major Win With U.S. Regulated Derivatives Launch
- Strategy’s mNAV Slips to Lowest Ever as MSTR Stock Falls 8%, Will Michael Saylor Sell Bitcoin?
- Pi Network Stares at a 20% Crash as Whale Buying Pauses and Demand Dries
- Here’s How Dogecoin Price Could Rise After Crossing $0.20
- Is XRP Price Headed for $1.5 as Whales Dump 1.18B XRP in Just Four Weeks?
- Bitcoin Price Weekly Forecast as Gold’s Surge Revives Inverse Correlation — Is $85K Next?
- Ethereum Price Risks $2,600 Drop Despite JPMorgan’s New Fund on its Network
- Analyst Confirm Pi Network Price Could Still Reach $1, Here’s When?
