Markets
Crypto markets fall despite cooling US inflation
Analysts predict that Ethereum spot ETFs could launch next week.
Cryptocurrency markets moved lower on Friday amid new data indicating inflation is slowing in the United States.
Bitcoin is trading 1.4% lower at $60,600, while Ethereum is down 1.3%, and Solana fell 3.6%, reversing most of its ETF-fueled gains despite a second deposit from 21 shares today.
SOL Price
Among the biggest gainers, Akash Network (AKT) climbed 7%, and Ethereum Name Service (ENS) jumped 5%. Fetch.ai (FET), Athena (ENA) and Quant (QNT) fell 5% or more.
According to a report from the Ministry of Commerce released On Friday, inflation in May fell to its lowest annual rate since May 2021.
The core PCE price index rose 0.1% in May, meeting Dow Jones expectations. On an annual basis, the overall PCE price index increased by 2.6%. The PCE index is crucial for traders because it is closely monitored by the Federal Reserve and influences its interest rate decisions.
“Today’s data will likely help bolster the FOMC’s confidence that the U.S. economy continues on what remains a bumpy disinflationary path,” said Michael Brown, senior research strategist at Pepperstone.
“Nevertheless, the fact remains that “one swallow does not make spring”, and the PCE figures for May should therefore not open the door to a [rate] They cut themselves off, but push the half-open door a little further.
Cryptocurrency sentiment was also supported by asset management firm VanEck. deposit for a Solana spot ETF on Thursday.
Ethereum ETF
July 26, Reuters reported that spot Ether ETFs could hit the market as early as the first week of July.
Michael Van de Poppe, CEO of MN Trading, said that a “significant bloodbath” has occurred in the altcoin markets.
“However, the Ethereum ETF is on the horizon, and I expect we will see a reversal of many tokens in the Ethereum ecosystem,” he said.
According to Crypto Fear and Greed IndexMarket sentiment has shifted towards the fear zone amid the recent volatility.
Farside Data noted that inflows slowed to just $13 million across all spot Bitcoin ETFs on Thursday.
CoinGlass data confirmed that in the last 24 hours, 32,173 traders were liquidated for a total of $76 million.