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Reading: Positive Outlook for Crypto Investors as BTC Regains Support Amid Upcoming Fed Meeting
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COINTURK NEWS > Economy > Positive Outlook for Crypto Investors as BTC Regains Support Amid Upcoming Fed Meeting
Economy

Positive Outlook for Crypto Investors as BTC Regains Support Amid Upcoming Fed Meeting

In Brief

  • Today was relatively positive for crypto investors, with BTC regaining $40,400 support.

  • The PCE data, closely watched by the Fed, has been released, indicating inflation status.

  • Upcoming statements by Fed Chair Powell are crucial, with interest rate cut expectations stable.

COINTURK NEWS
COINTURK NEWS 1 year ago
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For cryptocurrency investors, today was relatively more positive, with Bitcoin (BTC) regaining the $40,400 support level. As you know, there is a Federal Reserve meeting this week, and the critical data expected before it has been announced. This data, which could directly affect the tone of the Fed at this meeting, will also show the progress in the fight against inflation.

PCE Data in the US

The Personal Consumption Expenditures (PCE) data, which is closely monitored by the US Federal Reserve as an indicator of inflation, has just been announced. The Fed, which has raised interest rates at an unprecedented pace for its 2 percent inflation target, caused the bankruptcy of numerous banks. It also caused massive fluctuations in risk markets. However, by the end of last year, it reached the peak of interest rates and is expected to start reductions this year.

The reduction targeted by the Fed for this year (average member opinions) is towards a 75 basis points cut. However, the markets maintain their optimism for an interest rate cut between 150-160 basis points. While risk markets are trending positively amidst this optimism, developments that could undermine it may pull down Bitcoin and others.

For all these reasons, the PCE inflation data is of critical importance. The data was expected to be 3% monthly, while the previously announced annual core PCE was 3.2%.

  • US Core PCE Announced: 0.2% (Expectation: 0.2% Previous: 0.1%)
  • US Core PCE Announced: 2.9% (Expectation: 3% Previous: 3.2%)

The data received is not bad for risk markets, with the annual core PCE coming in slightly lower than expected, which is positive. The statements to be made next week by Fed Chairman Powell are extremely important. There was no significant change in the expectation of an interest rate cut.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 26 January, 2024 - 4:36 pm 26 January, 2024 - 4:36 pm
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