Dollar, Stocks Slide Bitcoin Shines Amid Recession Fears
Crypto News: The digital asset market looked calm while global stocks struggled a bit in the minutes from the Federal Reserve’s last policy meeting. Dollar reportedly declined as the U.S. inflation seems to be softening over Fed’s rate hike cycle ending signals. However, Bitcoin, the largest cryptocurrency continues to print green indexes.
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Stocks Slide Bitcoin Shines
As per the data, Euro registered a hit 2-½ month high at $1.10 as investors turns positive. Blue-chip stocks (.STOXX50) reportedly hit a two-decade high. However, Europe’s stock investors might need to be more cautious as the US Central Bank may weigh in to hike rates.
U.S. and European futures jumped by 0.1% and 0.2%, respectively. The Aussie dollar saw a spike of 0.2%. Reuters reported that MSCI’s biggest index of Asia-pacific stocks excluding Japan (.MIAPJ0000PUS) slumped 0.3%. It added that China’s major firm stocks price printed red indexes.
However, Wall Street and Europe Stocks rallied after data suggested a cooler than expected inflation in March. This suggested that the Fed could halt monetary hardship with a 25 Basis point (Bps) rate spike in May. Read More Crypto News Here…
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It added that Fed staff suggests a potential consequence of stress generated by bank failure can shift into a “mild recession”. Meanwhile, CPI hardly registered a surge as the gasoline cost dropped by 4.6%. The next meeting of policymakers scheduled around May 2-3 will in the focus ahead.
Bitcoin price is up by more than 8% in the last 7 days. BTC managed to hold the $30K price level. It is trading at an average price of $30,204, at the press time.
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