Crypto News- Bitcoin’s Attention Turns to PCE Inflation Report
Crypto News- Bitcoin remained consolidated above $61,000, showing no clear directional bias ahead of the release of the Fed’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE). Economists anticipate the PCE to reveal a slowdown in the annualized inflation rate to 2.6% for May from 2.8%, according to Bloomberg. While this would mark the lowest reading in over two years, it still exceeds the Fed’s 2% target.
A lower-than-expected figure could indicate a continued decline in inflation and potentially boost cryptocurrencies in the coming months, noted Valentin Fournier, digital assets analyst at advisory firm brn.
Solana’s SOL token has outperformed Ethereum’s ETH this week following the filing of an S-1 registration statement by New York-based investment management firm VanEck for its VanEck Solana Trust. We view SOL as functioning similarly to other digital commodities like bitcoin and ETH, wrote Matthew Sigel, VanEck’s head of digital assets research, arguing SOL is a commodity, not a security. However, consensus holds that CME futures are necessary for ETF approval, a milestone SOL currently lacks. Meanwhile, CME has long traded ether futures, with spot ether ETFs expected to launch in the U.S. in July.
The SOL/ETH ratio has shown a bullish trend, rising 12% this week and reversing last week’s decline with a bullish engulfing candlestick pattern. In the realm of blockchain prediction markets, skepticism over President Joe Biden’s performance in the first 2024 presidential debate has boosted former President Donald Trump’s odds of winning the November election to as high as 67%. A significant amount of money is at stake in prediction contracts, with nearly $188 million in play, split with around $23 million wagered on Trump and $21 million on Biden.
Analysts at Bitfinex suggest that a Trump victory in November could lead to more favorable regulatory conditions for the crypto industry. A Trump administration might prioritize creating a clear and supportive regulatory framework, encouraging innovation and investment in the crypto sector, stated Bitfinex analysts in an email. This potential shift could enhance digital asset adoption and further integrate cryptocurrencies into the financial system, potentially fostering industry growth.
trending crypto chart today
- Google Trends, a widely used tool to gauge general or retail investors’ interest in trending topics, shows that the value of the search query NVDA over the past five years is nearing the peak value of 100.
- A score of 100 represents peak popularity – the maximum number of searches observed for the query during a given time frame.
- The tool may be a good indicator to watch as the masses are often driven by emotions and frequently the last to enter a bull market and exit a bear market. In other words, NVDA and other AI-related assets might have peaked for the time being.
- Source: Google Trends.
– Omkar Godbole
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