As for ethereum, Stockton considers that it presents the same aspect as bitcoin, since both are part of a market where macro figures are dictating the future of the price “in opposition to the fundamental value of things.”
Why the US inflation data is not exciting
In this sense, the US inflation data, the favorite indicator of the Federal Reserve (Fed), published on Friday was bad: the headline figure rose to 5.4% from 5.3% the previous month and inflation Core rose to 4.7% from 4.6% the previous month.
“We knew that inflation would not slow down as much as expected, but this last data fueled the expectations of the Fed’s rise. A slower-than-expected moderation of inflation is one thing and a rebound in inflation is quite another. And the Fed likes the latter much less. A spike in inflation is the Fed’s worst nightmare”, explained Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
Also, a study released Friday by a quintet of Wall Street analysts and economists suggests that theThe Federal Reserve should raise rates to 6.5% to win the battle against inflation in the United States.
What data should be taken into account this week
In any case, seeing the dependence that the US macroeconomic figures are having on the future of cryptocurrency prices, we will have to be aware of a series of news that will be released this week. In the United States, for example, the February consumer confidence index is expected to be released on Tuesday and weekly jobless claims on Thursday.
Source: Ambito
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