The rest of the cryptocurrencies fell to 7.7% led by Avalanche, followed by Dogecoin (-5.6%) and Shiba INU (-5.3%).
The cryptocurrencies they continue to disappoint after the halving of Bitcoin (BTC) but now an unexpected factor is added: the poor GDP signal in the US. The leading cryptocurrency drops more than 4% in the last 24 hours and is about to fall below US$63,000.
The rest of the cryptocurrencies fell to 7.7% led by Avalanche, followed by Dogecoin (-5.6%) and Shiba INU (-5.3%).
Cryptocurrencies: pessimistic forecasts come true
As we have been saying, it seems that the more pessimistic forecasts with blockchain halving Bitcoin, since prices have not only failed to rebound, but have once again been quite volatile since last Saturday. Experts like those of Goldman Sachs or JP Morgan They warned in the previous days that it was difficult for this event to push digital assets up, since the escalation of tension between Israel and Iran and the latest macroeconomic data had significantly reduced investors’ risk appetite.
“I think a lot of the bitcoin rally is based on flawed perspectives. I think what’s really crucial is that exchange-traded fund flows (ETF) did not stop out of nowhere, they stopped around March 12, when the inflation reading and the Producer Price Index came out. I would give almost no credit to the halving because I don’t think the halving is the big driver. They really are the big macroeconomic factors,” explains Markus Thielen, founder of 10x Research.
The impact of the US data
According to Thielen, the resilience of the US economy has completely changed the perspective of cuts in Federal Reserve (Fed) interest rates, which has been much tougher in recent weeks. This is reflected in the data from CME’s FedWatch tool, the consensus is for a first drop in interest rates in September, although they give more than a 30% probability that the central bank will not cut official rates in said period either. month.
“Most of this bitcoin rally “was driven by expectations that interest rates would be cut and this narrative is now being seriously questioned,” he adds.
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In this sense, the publication this Thursday of preliminary data on the US Gross Domestic Product (GDP) It further sank the spirits of some investors. This is the most important macroeconomic data of the week along with the consumption deflator (PCE), which will be announced tomorrow, Friday, and for which a rebound is expected (+2.6% vs. +2.5%).
Source: Ambito
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