CDS Crypto News 3 Key Events Impacting on the 11 July Cryptocurrency Market
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3 Key Events Impacting on the 11 July Cryptocurrency Market

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3 Key Events Impacting on the 11 July Cryptocurrency Market

What Should Investors Consider After the 11 July Cryptocurrency Market News?

What Should Investors Consider After the 11 July Cryptocurrency Market News?

The cryptocurrency market is rather volatile as of July 11. In the face of US inflation data and hopes for interest rate cuts, Bitcoin is holding the $58,000 mark, and other altcoins like Ethereum are showing similar patterns. Investors are eagerly following the US CPI statistics for June as well as potential Federal Reserve interest rate reductions. These changes will have a significant impact on how the pricing and market dynamics of cryptocurrencies evolve in the future.

  • Bitcoin has not yet broken above the downtrend line that defines the mini bear market from record highs above $70,000, even if the price sell-off has paused.
  • Momentum traders can be attracted by a possible breakout chance.

Bitcoin Stable at $58,000: Waiting Continues Ahead of CPI Report

Before an expected US inflation report, Bitcoin maintained its $58,000 price level throughout the European morning. Indicating that traders are holding off on making purchases until after the CPI report, which will provide the most recent information regarding the likelihood of an interest rate reduction, the CoinDesk 20 Index, which provides a gauge of the larger digital asset market, has increased by about 0.2%.

US June CPI Data: Cost of Living Rises 0.1%, Raises Rate Cut Hopes for Bitcoin

The cost of living increased by 0.1% in June after staying unchanged in May, according to U.S. CPI data, for a 3.1% annual increase. The Fed would be able to start the much-awaited rate-cutting cycle this year if the figure comes in line with projections, which would validate further progress toward the 2% inflation target. Risk assets, like bitcoin, will probably benefit from increased chances of interest rate reductions.

Ether Staking and Inflation Concerns: Implications for a Potential US Ether ETF

As the possibility of a spot ether ETF in the US approaches, the quantity of ether staked is getting close to a record high. Ether’s potential to function as a store of value over time is being undermined by its increased supply, which indicates that it has once again become an inflationary asset. Staking, which locks ether for a predetermined amount of time, and burning, or removing entirely from circulation, a portion of user-paid transaction fees are two strategies to combat this.

For more up-to-date crypto news, you can follow Crypto Data Space.

3 Key Events Impacting on the 11 July Cryptocurrency Market
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lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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