Markets
Bitcoin Awaits PCE Inflation Report
Bitcoin consolidated above $61,000, with no clear directional bias ahead of the release of the Fed’s preferred inflation gauge.the core personal consumption expenditures (PCE). Economists expect the PCE to show that the annualized inflation rate slowed to 2.6% in May from 2.8%, according to Bloomberg. While that’s the lowest reading in more than two years, it’s still above the Fed’s 2% target. “A lower-than-expected reading would suggest continued declines in inflation and could potentially boost cryptocurrencies in the months ahead,” said Valentin Fournier, a digital asset analyst at consultancy brn.
Solana’s SOL Token Outperformed Ethereum’s ETH Token This Week after the New York-based investment management firm VanEck filed an S-1 registration statement for its VanEck Solana Trust. “We believe the native token, SOL, performs similarly to other digital products such as bitcoin and ETH,” Matthew Sigel, VanEck’s head of digital asset research, wrote in a statement. post on X Analysts have argued that SOL is a commodity and not a security. The consensus is that CME futures are a prerequisite for ETF approval, which SOL currently does not have. Meanwhile, ether futures have been trading on the CME for some time and ether spot ETFs are expected to begin trading in the US in July. For now, the path of least resistance for the SOL/ETH ratio appears to be on the higher side. The SOL/ETH ratio rose 12% this week, largely reversing last week’s decline in a bullish engulfing candlestick pattern.
Blockchain punters were skeptical of President Joe Biden’s performance in the first debate of the 2024 presidential election, putting pressure on former President Donald Trump The odds of winning the November vote are 67%. A contract asking bettors to predict the outcome of the election currently has nearly $188 million at stake, with roughly $23 million going to Trump and $21 million going to Biden. According to Bitfinex analysts, a Trump victory in November could signal a shift toward more favorable regulatory conditions for the crypto industry. “A Trump administration could prioritize creating a clear and supportive regulatory environment that encourages innovation and investment in the crypto sector. This could lead to increased adoption of digital assets and a more robust integration of cryptocurrencies into the financial system, potentially spurring growth in the sector,” Bitfinex analysts said in an email.