🚨 How the 2.7% US CPI Could Spark a Bullish Trend for BTC & Altcoins

Author

CoinGape Media
December 11, 2024

News

American business intelligence and software firm MicroStrategy Inc is on its way to bagging an inclusion into the Nasdaq 100 Index. According to an update from Guru Focus, tech firms like Moderna risk leaving the Index, paving the way for MicroStrategy.

Indian Economic Advisor (CEA) V. Anantha Nageswaran said that regulators should not stand in the way of crypto, Bitcoin, and gaming innovations. His comments send a strong signal to Indian regulators who have been trying to restrict banking associations with crypto firms in the past, as well as putting heavy taxes on crypto firms.

The investors eagerly awaited the US CPI data for cues on the economic health of the nation. Notably, the latest data showed that the inflation inched up to 2.7% in November, up from 2.6% noted in the prior month. However, this increased figure came in line with the market expectations, fueling hopes over another Fed rate cut at the central banks’ next week FOMC gathering. Besides, it also sparked optimism over a potential rally in Bitcoin (BTC) and altcoin prices ahead.

At present, Pepeto presale is almost reaching the $2 million mark, which will prove that it’s an interesting project, especially for the target crypto audience.

Markets

The markets displayed mixed movements in the last 24 hours. BTC fluctuated between $93K and $98K, maintaining stability. Ethereum momentarily dipped under $3,500, while XRP dropped below $2 before rising 6% in the same period.

XDC Network emerged as the top gainer, jumping 20% during the same period. ONDO (ONDO) was also up by 18%, reflecting strong momentum. The global market cap dipped by approximately 1%, now at $3.40 trillion. Overall trading volume declined by 7%, currently at $305 billion. Let’s delve deeper into the price movements and trends for top crypto on December 11.

The recent surge of altcoin season index above 60 suggests a strong BTC price surge in the coming months, reported asset manager VanEck. Currently, the BTC price has been facing resistance at $100K with some analysts calling for a possible top. But according to VanEck, the Bitcoin bull run isn’t over and investors could see major fireworks in the next six months.

Bitcoin price crashes on December 5 and December 9 together wiped more than $2 billion worth of positions from crypto markets. Regardless, BTC is already attempting a recovery and looks strong. The market structure of BTC remains bullish and suggests an uptrend. Bitcoin price today trades at $98,866.0 on 1 PM after hitting a daily high of $99,009.0 today after a 1.23% move on December 11.