Bitcoin (BTC) 
$63,638 price stood at $84,000 while altcoins faced a decline. As U.S. data surged to the 245% region, China is likely to announce new retaliations. We had previously mentioned that this vicious cycle would challenge the markets before tax announcements. Now, it is time to monitor U.S. data and its impact on cryptocurrencies.
Latest U.S. Data Update
At the time of writing, the monthly U.S. retail sales figures were released. This data measures the monthly change in sales volume at retail stores and helps track consumer sentiment. With rising inflation expectations, the likelihood of recession has increased, and weak wage growth is pressuring consumer spending.
As a leading indicator of economic growth, this data represents over 70% of the U.S. economy. Expectations for interest rate cuts could be supported by underwhelming figures. The previously released data was at 0.2%, while this month’s expectation was announced at 1.4%.
The released figures aligned with expectations. Despite fears of a recession, a notable change in consumer spending habits may indicate a tendency to fulfill needs before the effects of tariffs fully reflect in prices. This data is not favorable for cryptocurrencies as it does not support expectations of interest rate cuts.
