Crypto Markets Steal The Spotlight Ahead Of US Inflation Data

Key Points:

• Regulatory concerns have recently dominated the cryptocurrency markets, but tomorrow the inflation statistics for January will take center stage.
• Binance’s BNB fell almost 7% over the past day, trading at around $290.
• According to the chief economist at Bit Mining, the statistics will be regarded as favorable overall if the yearly rate is around 6% or lower.

The SEC dragged down cryptocurrency markets last week, and now the New York Department of Financial Services has ordered Paxos to stop producing BUSD. The January inflation rate in the United States is up next.

Prices are estimated to have risen 0.4% month on month in January, and all eyes will be on the publication for any signs of acceleration that could prompt the Federal Reserve to take new action.

I am committed to taking further actions to bring inflation back down to our goal, we have a lot more work to do.

 said Federal Reserve Governor Michelle Bowman

She said the Fed would continue to raise interest rates. 

This week will be all about tomorrow’s CPI numbers, and on the back of that huge payrolls print, the market will be on the hunt for signs that the inflation slowdown is itself slowing, or worse still, reversing.

said Adam Farthing and Colin Howe of market maker B2C2.

According to Youwei Yang, chief economist at Bit Mining, the statistics will be regarded as favorable overall if the yearly rate is around 6% or lower, which might counter some of the regulatory-related selling.

The opposing impacts of macro and regulation are playing the seesaw, where I see regulation has a greater effect than macro in short term, but macro will help in the long run

he said

The New York Department of Financial Services ordered Paxos to halt creating the BUSD stablecoin, sending crypto prices lower. Bitcoin dropped in value as a result of the news.

Binance’s BNB fell almost 7% over the past day, trading at around $290. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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