Today’s US data was expected to have a positive impact on the market, and it did. Just 1.5 hours after the data release, BTC saw a $1000 increase while ETH‘s price reached a new high for 2024. Be prepared for volatility in the coming minutes.
Are Bitcoin and ETH on the Rise?
Cryptocurrency markets’ appetite for risk surged following the 3.9% inflation data and the expected wage increase figures. US Treasury Secretary Yellen mentioned earlier that employment has not proven to pressure inflation. This could be interpreted as the government potentially pressuring the Fed to cut interest rates even without significant job market easing.
The Federal Reserve had previously stated that unexpected easing in employment could lead to faster and more significant rate cuts than anticipated. In summary, today’s ongoing rise is fundamentally based on macroeconomic developments.
ETH’s price approached the $4,000 mark at $3,986, and BTC rose to $68,708, aiming above its all-time high level. In the coming minutes and hours, we could see double-digit rises in altcoins with new all-time high expectations. Conversely, a rapid sell-off could lead to a sharp drop in BTC by $5-10 thousand. Now is the time to be ready for volatility.
