- A crypto analyst said Bitcoin price correction is coming as US inflation persists.
- The crypto market volume increased by over $100 billion in the last 24 hours.
- Crypto miners previously crashed the price of BTC to $19k.
A recent tweet by a prominent analyst, Michaël van de Poppe, suggests that the US inflation is likely to persist, resulting in a correction in the price of Bitcoin before the next Federal Open Market Committee (FOMC) meeting. Poppe added that while the consumer price index (CPI) may be lower, some figures indicate that inflation will continue longer than expected.
The analyst further argued that the Producer Price Index (PPI) report expected to be released today would confirm the trend, leading to a shift in market sentiment toward a potential interest rate hike of 25 or 50 basis points.
Given the turbulence in the US banking industry following the failure of three prominent banks, the crypto market volume increased by over $100 billion in the last 24 hours, according to CoinMarketCap data. Bitcoin (BTC) touched a nine-month high of $26,500 on Tuesday after falling below $19k the previous week.
A leading data analytics firm, CryptoQuant, blamed the previous week’s sudden crash on miners, saying they reduced their reserves, putting extra pressure on Bitcoin. Ethereum (ETH), BTC’s main rival, also lost substantial value, falling to about $1,370. However, ETH has also recovered from the crash, currently trading at $1,679.
The post Bitcoin Price Correction Is Expected Before FOMC Meeting: Analyst appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
