In the last hour, a series of supportive news has propelled Bitcoin 
$76,467 to find buyers above $110,000, while Ethereum 
$2,266 aims to reach $2,700 again. This is notably optimistic for the broader altcoin market. A key focus today was the U.S. Consumer Confidence and Inflation Expectation figures. Fortunately, these figures were not as worrying as feared, which bodes well for the U.S. economy.
U.S. Data and Cryptocurrencies
The U.S. Consumer Confidence data, recently released, was reported at 98, exceeding the expected 87.05, up from the previous month’s 86. The recovery in consumer confidence reflects the positive outcomes of the resolution with China and suggests the potential for further improvements. This encouraging economic indication has aided in the rebound of cryptocurrency markets as well.
Moreover, the 12-month inflation expectations decreased to 6.5% from 7% in April. If a few tariff agreements are observed within the next few days, as anticipated, this could further alleviate the burden of tariffs on cryptocurrencies.
Stephanie Guichard, Senior Economist of Global Indicators at The Conference Board, commented:
“Consumer Confidence improved in May after five consecutive months of decline. Recovery was visible even before the May 12 U.S.-China trade deal, but it gained momentum afterwards. Monthly improvement was largely due to consumer expectations, as all three components of the Expectations Index (business conditions, employment prospects, and future income) rebounded from April’s lows. Consumers are now less pessimistic about business conditions and job availability over the next six months and have regained optimism regarding future income. Current assessments by consumers have also improved; however, while they are more positive about current business conditions compared to last month, their views on current job availability weakened for the fifth consecutive month.”
Currently, the focus is on the recovery of the ETHBTC pair. If Ethereum remains strong, there could be further increases in altcoins in the coming hours.
