Crypto Prices Explode With Cool CPI, FOMC Next – Best Altcoins To Buy Now
As Bitcoin (BTC) looks to retest the $70,000 mark in the wake of data showing that the US labor market softened more than expected in May, traders are now scouting altcoin markets for the best crypto to buy for quick gains.
The Federal Open Market Committee (FOMC) has decided to keep the federal funds rate between 5.25% and 5.50%.
Additionally, the quarterly Summary of Economic Projections (SEP), otherwise known as the dot plot, revealed that the Fed now sees one quarter-point cut before year-end, down from the three cuts the FOMC had previously forecasted in March.
The biggest surprise in the dot plot: 3 cuts in 2024 revised to just 1 cut pic.twitter.com/9xtnZy6CdE
— zerohedge (@zerohedge) June 12, 2024
The central bank may signal a more hawkish outlook amid sticky inflation and a strong job market. The news follows a soft May CPI report and rate cuts by the European Central Bank and the Bank of Canada.
A reduction in job openings + falling oil prices eventuates in falling inflation.
CPI is up today – expectations are that the headline number will remain at +3.4%, and for core inflation to have dropped to +3.5% from +3.6%
Fed easing is coming soon. pic.twitter.com/XqQgxOACev
— ted (@tedtalksmacro) June 12, 2024
Overall, the latest data has helped boost market confidence, following indications that the Fed will not cut interest rates until September.
That could be the needed catalyst to send Bitcoin back above $73,000 towards $100,000.
Chart analysis certainly suggests a likelihood of more upside, with Bitcoin crossing its 5&20 DMA in recent sessions, which could make Bitcoin one of the best crypto to buy now.
Major cryptos sent mixed signals on Wednesday. ETH, DOGE, SHIB, AVAX, and LINK rose modestly over 24 hours. Our BNB price
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