Bitcoin (BTC) & Ethereum (ETH) Remain Stable as U.S. Consumer Prices Report Looms: Crypto Market Update

  • Bitcoin and Ethereum, the world’s leading cryptocurrencies, remain steady ahead of the U.S. Bureau of Labor Statistics consumer prices report.
  • The Consumer Price Index report, a key metric for the Federal Reserve, is expected to reflect another high, potentially impacting the crypto market.
  • Despite the current economic climate, Bitcoin billionaire Arthur Hayes predicts a slow upward grind for Bitcoin prices.

As Bitcoin and Ethereum brace for potential impact from the U.S. Bureau of Labor Statistics consumer prices report, experts weigh in on the future of these leading cryptocurrencies.

Bitcoin and Ethereum Steady Ahead of Consumer Prices Report

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, were steady hours heading into another U.S. Bureau of Labor Statistics consumer prices report. Bitcoin price is currently just above $62,000—up 0.6% compared to the same time yesterday. Meanwhile, Ethereum price, which had sunk to around $2,900, was down 0.2% since Tuesday morning, according to CoinGecko data.

High Consumer Price Index Report Anticipated

Economists have been forecasting that the market is in for another disappointingly high Consumer Price Index report today. The CPI is one of the key metrics that the Federal Reserve uses to determine whether it should lower the federal interest rate. Analysts have flagged that gas prices have been on the rise and prices have been inching upwards in the services sectors. This could potentially impact the crypto market, as seen in the past when the U.S. economy grew slower than expected, causing BTC and ETH to dip.

Bitcoin Billionaire Predicts Upward Trend for Bitcoin

In a glimmer of optimism amidst the economic uncertainty, Bitcoin billionaire Arthur Hayes said earlier this month that the bottom for BTC is already in. “I expect prices to bottom, chop, and begin a slow grind higher,” he wrote in a recent blog post. However, he noted that he wasn’t planning to add more Bitcoin to his portfolio, instead opting to invest in other cryptocurrencies like Solana and doggie coins for momentum trading positions.

Conclusion

As the crypto market braces for potential impact from the upcoming consumer prices report, experts and investors alike are keeping a close eye on the performance of Bitcoin and Ethereum. Despite the potential for a high CPI report, some experts remain optimistic about the future of these leading cryptocurrencies.

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Merritt Vale
Merritt Valehttps://en.coinotag.com/
Merritt Vale is a 24-year-old woman who has a strong affinity for the Dogecoin community and has a particular love for the altcoin Shiba. With a passion for understanding the latest trends and developments in the cryptocurrency industry, Merritt provides fresh perspectives and valuable insights to her readers.
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