đ„ Why is the cryptocurrency market rising today? đ
The price of #Bitcoin! recovered to $62,450, after having fallen to $58,946 yesterday, once again avoiding the inflation problems shown in the latest economic data in the United States.
Yesterday, economic data in the United States reported that the consumer price index (#CPI ) annual for September was 2.4%, slightly higher than the expected 2.3%. While today the data for the annual consumer price index (PPI) for September was 1.8%, compared to the expected 1.6%. These data are signs of increasing inflationary pressures. Will we have new rate cuts? đ€
On the other hand, we have the wave of fiscal stimulus of #China that is expected to be announced on Saturday, where the details of the intensity will be key. According to some analysts, these stimulus plans in China are important for the #Criptomonedas market, since the new liquidity injected into the general #economia could benefit risk assets such as cryptocurrencies.
This type of stimulus announced in China could temporarily increase the volatility of Bitcoin, although the real impact of this stimulus is not yet known.
In addition, according to a report by ETC group, it points out that Bitcoin could have three key catalysts that could boost the price of Bitcoin, which are: the dynamics of the supply caused by the Bitcoin halving, global economic recovery driven by monetary policies and the upcoming presidential elections in the United States.
How much could the price of Bitcoin reach by the end of 2024? đ€
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