Markets
How will this influence crypto markets
A critical data release is imminent and could potentially significantly shake up the cryptocurrency market. This is not your average economic report: this information could mean the difference between skyrocketing profits and unexpected losses for your cryptocurrency holdings.
Is it time to celebrate or prepare for impact? Keep reading to find out!
1. US inflation indices: a brief introduction
U.S. inflation indexes measure changes in the prices of goods and services over time. They provide valuable data for understanding inflationary trends in the economy. These indices help policymakers, businesses and individuals assess the rate of inflation and its impact on purchasing power and overall economic stability.
2. The main inflation indices will be released soon
Here are the main inflation indices that will be released this month.
- Core inflation rate in the United States month-on-month
Measures monthly change in overall prices, excluding volatile food and energy costs, providing insight into underlying inflation trends.
- Core inflation rate in the United States over one year
Tracks year-over-year changes in core inflation, providing a long-term view of price stability, unaffected by short-term fluctuations in food and energy prices .
Reflects monthly changes in overall consumer prices, including food and energy, capturing short-term fluctuations in inflationary pressures.
Shows year-over-year changes in overall consumer prices, providing a broader perspective on inflation trends with long-term effects.
Measures the average change over time in the prices paid by urban consumers for a basket of goods and services, representing the overall cost of living.
Seasonally adjusted version of the CPI, removing the effects of seasonal variations, providing a clearer view of underlying inflation trends.
Tracks changes in prices received by producers for goods and services, serving as an indicator of inflationary pressures in the production process.
Measures the monthly change in producer prices, providing insight into short-term fluctuations in input costs for producers.
Shows monthly changes in producer prices, excluding volatile food and energy costs, providing a clearer picture of underlying inflationary pressures in production.
Tracks year-over-year changes in core producer prices, providing a long-term view of inflationary trends in the manufacturing sector, unaffected by short-term fluctuations.
3. Historical analysis of the main inflationary indices
Let’s do a historical analysis of each inflation index.
3.1. Core inflation rate in the United States over one month: historical analysis
At the start of the year, the core inflation rate in the United States was around 0.392%. It saw a decline in February, to 0.358%. In March, it increased slightly to 0.359%. The forecast is that it will be 0.3% this month.
3.2. Core inflation rate in the United States over one year: historical analysis
At the start of the year, the year-over-year core inflation rate in the United States was around 3.9%. In February, it fell to 3.8%. In March, it did not change, since it remained around 3.8%. It is forecast to fall further to 3.7%.
3.3. US inflation rate month-on-month: historical analysis
In January 2024, the US inflation rate was around 0.3%. It experienced a significant increase in February, going from 0.3% to 0.4%. In March, it showed no change, since it remained at the level of 0.4%. This month, this rate is expected to drop to 0.3%.
3.4. Inflation rate in the United States over one year: historical analysis
As of January 2024, the year-over-year US inflation rate was approximately 3.1%. It increased slightly to 3.2% in February. In March, it rose sharply to reach 3.5%. It is expected to remain at the 3.5% level this month as well.
3.5. US CPI: historical analysis
In January 2024, the US CPI was approximately 308.417 points. Since then, it has continued to grow. In February, it reached the mark of 310.326 points, and in March, it touched the level of 312.332 points. It is predicted to cross 313.9 points this month.
3.6. US CPI sa: historical analysis
In January 2024, the American CPI stood at nearly 309.685 points. Since then, the rate has continued to increase. In February, it crossed the mark of 311,064 points. In March, it reached the level of 312.23 points. The trend is expected to continue like this, pushing it to the 313.2 point mark.
3.7. American PPI: historical analysis
In January 2024, the US PPI was approximately 142.676 points. In February, it saw a big increase, when it quickly rose from 142,676 to 143,466. The trend continued also in March, when it touched the level of 143,687 points. It is predicted that no change in trend will occur and it will even reach the level of 143.9 points.
3.8. US PPI MoM: historical analysis
In January 2024, the US PPI MoM was almost 0.4%. In February, it increased sharply, to 0.6%. Conversely, in March, it experienced a sharp decline, going from 0.6% to 0.2%. It is also expected to remain in the 0.2% range this month.
3.9. US Core PPI MoM: historical analysis
In January 2024, the US Core PPI MoM reached 0.5%. Since then, it has continued to decrease. In February, it had returned to 0.3%. In March, it reached 0.2%, marking a sharp decline from its 0.5% range in January. It is expected that this month too it will remain within the 0.2% range.
3.10. Core PPI in the United States over one year: historical analysis
In January 2024, the year-over-year US core PPI index was almost 2%. Since then, it has continued to increase. In February, it reached the 2.1% range. In March, it reached 2.4%. This time it is expected to be around 2.4%.
4. US inflation indices revealing the future prospects of cryptos: a predictive analysis
Historical analysis of major inflationary indices in the United States provides valuable insights into the future prospects of the crypto market. Looking at trends:
- Core inflation rate in the United States over one month and over one year
Stable core inflation rates indicate economic stability. If the upcoming rates match predictions, this would likely maintain confidence in the crypto market. However, if rates were to fall, this could lead to a slight decrease in enthusiasm for cryptocurrencies as a hedge against inflation. Conversely, an increase could boost demand for cryptocurrencies, particularly as a hedge against inflation, which could push prices higher.
- US inflation rate over one month and over one year
Like core inflation, overall inflation rates are stable. If upcoming rates align with predictions, this would likely maintain confidence and stability in the crypto market. A decrease in inflation rates could have a slight dampening effect on crypto enthusiasm, while an increase could boost crypto’s appeal as a hedge against inflation, potentially increasing demand and prices .
Consistent growth in the consumer price index indicates healthy demand. If the upcoming CPI levels match the predictions, it would mean continued growth and stability in the crypto market. A decline in CPI levels could indicate an economic slowdown, leading to slight corrections in cryptocurrency prices. Conversely, an increase in CPI levels could strengthen the case for cryptocurrencies as a hedge against inflation, which could drive up demand and prices.
The mixed trend in the producer price index suggests economic uncertainty. If the next PPI levels match predictions, uncertainty in the crypto market could persist. A decrease in PPI levels could boost investor confidence in cryptocurrencies, leading to moderate price increases. Conversely, an increase in PPI levels could increase uncertainty, prompting cautious investments and potential shifts to more stable assets.
The stability of the core producer price index indicates confidence in economic fundamentals. If the next Core PPI levels align with predictions, it would likely boost confidence in the crypto market. A decrease in PPI base levels could ease inflationary pressures, leading to moderate adjustments in cryptocurrency prices. Conversely, an increase could raise concerns about inflationary risks, which could impact demand and prices for cryptocurrencies.
Endnote
The upcoming inflation data releases are poised to be a turning point for the cryptocurrency market.
Stable or expected trends in core inflation rates, headline inflation rates, consumer price indices and producer price indices are likely to maintain confidence and stability in the commodity market. cryptography. However, deviations from these forecasts could lead to adjustments in investor sentiment and potentially impact demand and prices in the crypto space.
Will they signal economic stability and build confidence in crypto, or will they spark uncertainty and price fluctuations? Stay tuned.
Also discover: Tether and RAK DAO join forces to boost Bitcoin and Stablecoin education in the UAE
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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