Bitcoin fluctuates within a narrow range of 61,000! This week’s focus: Fed Chairman Powell’s remarks and US April CPI and PPI inflation data
- WBOYOriginal
- 2024-06-05 20:56:14532browse
After Bitcoin hit a low of $60,180 at 01:45 a.m. on the 11th, it continued to fluctuate within a narrow range of $61,000 for two days over the weekend, and jumped to $62,000 many times during the period. The U.S. dollar failed to respond and rebounded to $61,491 at the time of writing, rising slightly by 0.68% in the past 24 hours.
Ethereum fluctuates at $2,900
Ethereum did not fluctuate much over the weekend, fluctuating within a narrow range at the $2,900 level. At the time of writing, it was trading at $2,929, up 0.29% in the past 24 hours.
What volatility risks should we pay attention to this week?
One observation that may bring volatility to the market this week is:
Federal Reserve Chairman Powell’s speech on Tuesday
Federal Reserve Chairman Powell will deliver a speech on Tuesday (14th) Eastern Time. As the U.S. job market previously reported signs of cooling, strengthening the market's hopes that the Fed will still cut interest rates this year, the market will pay attention to whether Powell will take a more dovish stance in his speech later.
Priya Misra, portfolio manager at JP Morgan Asset Management, said last week: The slowdown in employment and wage growth means a "soft landing." If CPI also shows a slowdown, expectations for an interest rate cut in August may be Back in the market.
US April CPI and PPI report
The United States will release important inflation data such as PPI and CPI on Tuesday and Wednesday. If If inflation can cool down at the same time as the job market, the pressure on the Federal Reserve will be less; conversely, if the inflationary pressure brought by PPI and CPI remains high, it means that high interest rates may continue for a longer period of time.
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