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U.S. retail sales rose at slower-than-expected pace in May amid high interest rates, inflation

Cryptocurrencies maintain their negative trend ahead of U.S. inflation data

Investing.com
·2 min read

Investing.com - While Bitcoin remained in the $67,000 range before the economic data to be announced in the US, losses exceeding 5% were observed among altcoins with high market value.

After Bitcoin was quickly rejected at the $70,000 level in transactions at the beginning of the week, there were moves towards the $67,000 limit. Some market commentators emphasized the decline in momentum in the Bitcoin market, warning that its negative momentum could continue towards $65,000. However, Bitcoin maintaining the $67,000 range throughout the week made optimistic investors hopeful about the rise. As a result, there is an unstable outlook in the crypto market ahead of important inflation data.

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Unemployment claims and growth are priced in ahead of PCE data

If the data to be announced today and tomorrow in the USA deviate from expectations, volatile transactions are expected to increase in risky asset markets.

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While unemployment applications and growth data in the USA today have the potential to increase volatility in the markets, the Personal Consumption Expenditures Price Index, which will be announced tomorrow, is seen as more important as inflation data closely followed by the Fed.

Accordingly, it is estimated that consumer sentiment is higher than expected, which may put pressure on cryptocurrencies along with risky markets.

While pessimistic comments about the crypto market predominated, the report of Blockchain analysis company Glassnode suggested that there were signs of a recovery in Bitcoin buyer interest. The report noted that long-term investors started saving again for the first time since December last year.

Latest situation in the altcoin market

While the overall outlook for the rest of the market remains negative, meme coins appear to be leading the decline in the top 100 cryptocurrencies. According to the latest situation, BONK, FLOKI, WIF, BOME and PEPE were the altcoins that fell the most in the last 24 hours.

While NOTE, one of the market's new crypto assets, differentiates itself positively from the market with a value increase exceeding 35%, there is no cryptocurrency in the top 100 that has recorded a value increase of more than 5% in the last 24 hours.

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