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Bitcoin price found buyers at $62,700 after climbing to $64,000 in the last 24 hours. Altcoin investors are happy as they start seeing gains over 20%. At the time the article was being prepared, key US PCE data was being announced. So what’s the current situation?
US Inflation and Crypto
Fed members shared their latest statements this week. Their common ground was the damage early easing could inflict on the fight against inflation. Despite a slight slowdown, inflation is moving towards the 2% target, say Fed members who are closely monitoring the PCE data. The importance of today’s PCE figures has increased following last month’s higher-than-expected inflation.
As an indicator of inflation, this data being below expectations for the previous and current month is favorable for cryptocurrencies. At the time of writing, the data was announced as follows;
- US PCE Announced: 2.4% (Expectation: 2.4% Previous: 2.6%)
- US Unemployment Claims Announced: 215K (Expectation: 210K Previous: 201K)
Unemployment claims came in slightly higher, which is positive. PCE dropped within expectations, indicating a continuation of the inflation slowdown. It’s not fantastic for cryptocurrencies, but still, a good figure was seen. If we see a record spot Bitcoin ETF volume similar to yesterday in the coming hours, BTC might surpass $64,000 today.
