Key Points:
The US PCE inflation data, a key indicator monitored by the Federal Reserve for interest rate decisions, revealed a 0.5% increase in March, surpassing market expectations.
On a yearly basis, US PCE inflation surged to 2.7%, exceeding February’s 2.5% rise and market forecasts of 2.6%. Core PCE inflation, excluding food and energy prices, rose 0.3% monthly and 2.8% annually. PCE, which differs slightly from the Consumer Price Index (CPI), focuses on services and goods separately, offering a nuanced view of inflation trends.
The anticipation surrounding US PCE inflation data intensified amid concerns over economic performance, particularly after the release of disappointing US Gross Domestic Product (GDP) figures for the first quarter, impacting global market sentiment.
Bitcoin, currently trading at $64,145, has seen a 1.14% increase in the last 24 hours. The cryptocurrency is undergoing a correction phase after its record high of $73,780 last month.
The market’s stability amid inflationary concerns shows investors’ confidence in cryptocurrencies as a hedge against traditional market volatility. However, the evolving economic landscape and regulatory developments continue to influence digital asset markets, with recent disputes between crypto companies and the SEC.
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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Willemstad, Curaçao, 4th November 2024, Chainwire
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