U.S. CPI Data Next Macro Catalyst for Bitcoin

Dow Jones09-07 14:58

0658 GMT - Coming U.S. CPI data is likely to be Bitcoin's next decisive macro catalyst, says Naeem Aslam, CIO at Zaye Capital Markets. The Bitcoin ecosystem now rests on major forces including ETF demand and monetary-policy expectations, he says in a note. A softer inflation print will reduce pressure for tighter policy, weakening real yields and improving the odds of Bitcoin breaking through resistance, he says. Hotter inflation would strengthen the case for restrictive policy and could pull the market back below $80,000 despite continued ETF accumulation, he says.U.S. spot Bitcoin ETFs recorded about $731 million of inflows on Sept. 3 and another $174.6 million on Sept. 4, taking three-session net inflows to roughly $1.01 billion, he notes. Bitcoin is trading at $79,689, according to LSEG data.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment