The post Crucial Day For Crypto Market: Top Expert Highlights the Effect of CPI and FTX Liquidation appeared first on Coinpedia Fintech News
It’s a pivotal day for the crypto world, with market movements poised to be influenced by two major events: The Consumer Price Index (CPI) release and the anticipated FTX asset sale. While the market remains clouded in uncertainty, expert Michaël van de Poppe sheds some light on what these events might mean for the crypto industry.
CPI’s Potential Market Ripple
The CPI serves as a guide for the Federal Open Market Committee (FOMC) when deciding on their policy moves. Today, all eyes are on the CPI, waiting to see how it fluctuates from its previous numbers. Last month, the year-over-year CPI was at 3.2%, with a monthly change of 0.2%. This time around, van de Poppe suggests a year-over-year rise to 3.6% and a monthly change of 0.6%.
If these numbers climb higher than anticipated, we could be in for some turbulence. Higher-than-expected CPI numbers may trigger a notable dip in assets perceived as higher risk, such as Bitcoin potentially slipping below the $25,000 mark.
On the flip side, if the numbers match or are even lower than predictions, it’s a signal for brighter days ahead. Assets seen as riskier might rally, leading to more positive market vibes. If other financial indicators in the coming days remain underwhelming, assets like Gold and Bitcoin might take the lead, overshadowing the Dollar.
FTX and the Solana Situation
Alongside the CPI, there’s a buzz around the FTX release. Rumors suggest over $3 billion in assets are about to hit the market, causing some jitters among investors. This has had a ripple effect on Solana, a prime asset, with predictions of a major sell-off looming.
However, there’s a twist. It’s not all doom and gloom. Perhaps the market is reacting to rumors and not the real news. Van de Poppe says there’s a chance FTX might not get the approval to release all assets. If they do, it’s not a free-for-all. Restrictions are in place, allowing only $200 million of their assets to be sold each week, likely through private deals.
Bottomline is today promises to be a roller coaster for the crypto market.
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