The main cryptocurrencies register generalized increases, driven by the renewed flow of entry into quoted funds and the expectation of rate cuts by the Fed. Investors await the August IPC, which could mark the rhythm of monetary policy in the coming weeks.
The cryptocurrencies They advance strongly in the prior to the publication of the key inflation data in the United States. The Bitcoin (BTC) exceeds US $ 114,000 with a 1.5% rise in the last 24 hours, according to Binance, while Ethereum (ETH) rises to 2.2% and reaches US $ 4,400.
The rest of the main Altcoins It also accompanies the upward trend with increases of up to 7.7%headed by Avalanche, Stellar (4%) and Litecoin (3.7%).
One of the factors that It drives the market is the return of the flows to the listed funds (ETF) of cryptocurrencies. According to Sosovalue data, the Bitcoin Al and cash ETF recorded net tickets for 755 million dollars, led by the Blackrock IBIT (U $ S211 million) and FBTC of Fidelity (US $ 299 million). So far in September, These instruments accumulate income for US $ 1,390 million, reversing the exits for US $ 751 million that had been registered in August.
The ETFs of Ethereum also showed a rebound in demand, With net flows for US $171 million, headed by the 74.5 million of Blackrock ETHA and 49.5 million of Fidelity Feth. This return of capital occurs after heavy withdrawals at the beginning of the month – superior to US $ 400 million – and reflects that investors are recovering confidence in the asset as their price rises.
This renewed interest coincides with the expectation for the next meeting of the Federal Reserve (FED). The market speculates that the Central Bank could resume rates cuts next week. However, some analysts, such as Bankinter’s, warn that a reduction of 50 basic points – that the market would seem to discount – is not the most likely scenario.
Expectation with the Fed
In the macroeconomic front, production prices in the United States moderated its growth at 2.6% interannual in August, compared to 3.1% in July and below the 3.3% planned by consensus. Underlying inflation also slowed 2.8%compared to 3.4% of the previous month. These cooling signals give investors a respite before the publication of the August Consumer Price Index (IPC), for which a two tenth rebound is expected from 2.7% in July.
Ipek Ozkardeskaya, Swissquote Bank’s senior analyst, warns: “The firmer the inflation figures are, the slower the process of feat cuts will be On the part of the Fed, which could discourage investors, which today are encouraged by the weakening of the labor market as a way to obtain greater cuts. ”
Source: Ambito
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