Impact of CPI Data on Cryptocurrency Markets: Temporary Rally Followed by Selling Pressure
Publication Time:2024-08-15 20:36:07
According to Golden Finance, QCP Capital analysis indicated that the released US CPI data met market expectations, leading to a further increase in investor expectations for a rate cut by the Federal Reserve to 62.5%, up from 47.5% before the data release, which shifted market sentiment. Although there were signs of a rebound in the cryptocurrency market in the short term, this trend did not last long. As the market digested the CPI data, cryptocurrency prices stabilized but then declined due to a series of market factors such as the US government transferring 10,000 BTC to Coinbase Prime and Jump selling 17,000 ETH. This series of events reflects the market's sensitivity to economic data and the impact of market operations on the cryptocurrency market.
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Cryptocurrency Markets
CPI data
market operations
temporary rally