Crypto market gains momentum before release of CPI
Hello lovely people of Hive community. Hopefully you will be enjoying your life with good health and spirit. Friends, finally crypto market gained momentum today as global crypto market cap has surpassed $1 Trillion. At the time of writing, global crypto market cap is around $1.04 Trillion.
Crypto market observed 6.26% gain in last 24 hours. Almost 60 Billion added in global crypto market cap today. Remember market has gained momentum just before releasing of Consumer Price Index which is going to be released on 13 September 2022.
One of the major reason of dip in crypto market is soaring inflation, high interest rate and poor economic condition. Increasing interest rate has shifted crypto asset into fiat. Now, crypto market is gaining momentum just before relasing of Consumer Price index.
Crypto market has gained momentum due to surge in Eth and BTC price. Economic crisis are getting deeper and deeper and there is a chance of increasing number of Consumer Price index.
Increase in consumer price index will badly hit the crypto market as it may shift crypto assets in to fiat. Current gain in market may be a bull trap and in my opinion, it is not a good buying time in the market.
It is important to look close eyes on upcoming relase of CPI. Lower value of interest rate on CPI may help to give bullish trend to the market. Otherwise, crypto may bleed once again.
Time to show patience. What is your opinion? Do you think it is a bullish trap?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Posted Using LeoFinance Beta
This is likely due to speculation of what the CPI will show. If the CPI shows an increase in prices, this will likely cause the market to continue to increase. If the CPI shows a decrease in prices, this could cause the market to drop.
You want to say high inflation and interest rate will dip the crypto market and viceversa.
I think we are going to be totally bullish if we can close those highs on 4hr timeframe
I hope so, but it is not the way the crypto market moves. Most of the time it depends upon economic condition and new ongoing events.
Sure