Bitcoin maintains its price around $30,500 as the market awaits important CPI data from the United States.
BTC Price Chart – 1 hour | Source: TradingView
US Stocks
US stocks continued to gain on Tuesday (July 11), as investors awaited important US inflation data due to be released this week.
At the end of the session, the Dow Jones index rose 317.02 points (or 0.93%) to 34,261.42 points. The S&P 500 gained 0.67% to 4,439..26 and the Nasdaq Composite added 0.55% to 13,760.7.
Salesforce shares jumped nearly 4% after the company announced it would increase its share price in August. Activision Blizzard shares climbed 10% after a federal judge denied the Federal Trade Commission's request for an order. preliminary request to prevent Microsoft's acquisition of the video game company. The decision means the two companies are closer to finalizing the deal.
The US Consumer Price Index (CPI) report for June is scheduled to be released on Wednesday (July 12), as well as the June PPI report for June is due on Thursday (July 13). , will shed light on whether inflation will continue to fall and set the scene for the future direction of interest rates. Economists polled by Dow Jones forecast the index to grow 3.1% last month compared with the same period last year.
US CPI in May was at 4%, while core CPI fell to 5.3%. This month, experts are estimating both will record sharper declines. Expectations from CPI will drop to 3.1%, with many banks, including those like HSBC and Citi, forecasting 3%.
Investors have forecast that the US Federal Reserve (Fed) will raise interest rates by 25 basis points at its meeting on July 25-26. However, they are still undecided on what the central bank will do at the meeting, after continued strong employment data last week stoked fears that policymakers will return to lifting. interest rates after a pause in June.
Q2 earnings season kicks off later this week with results from key financial institutions like JPMorgan Chase, Wells Fargo and Citigroup, along with BlackRock, PepsiCo and Delta Air.
Meanwhile, gold prices rose on Tuesday (July 11), thanks to a drop in the dollar and US bond yields ahead of the release of US inflation data that could provide more information on the roadmap for the US interest rate hike. US Federal Reserve (Fed).
At the end of the session, the spot gold contract gained 0.4% to $1,932.03 an ounce, up for the third consecutive session. Gold futures added 0.3% to $1,937.1 an ounce.
Oil prices rose 2% on Tuesday, helped by a weaker dollar, hopes of higher demand in developing countries and supply cuts by major oil exporters. In the world.
At the end of the session, the Brent oil contract increased by 1.71 USD (equivalent to 2.2%) to 79.4 USD/barrel. The WTI oil contract added $1.84 (or 2.5%) to $74.83 a barrel.
Bitcoin and Altcoins
Bitcoin price and crypto market are expected to increase due to consumer price index (CPI), which is predicted by experts to “slow down”.
The top crypto asset is currently trading around $30,500 after failing to cross the $31,000 mark twice in the last month.
However, inflation at 3% will likely help BTC resume its upward momentum.
BTC/USD Chart – 1 Day | Source: TradingView
If the CPI data matches the forecast and BTC successfully surpasses $31,000, this will be a bullish signal for the rest of the crypto market.
The altcoin market is slightly bullish as Bitcoin continues to hover above the $30,500 region ahead of key US CPI data.
Compound (COMP) was the best performing project of the day as it bounced up more than 13%, erasing all losses in the past 7 days.
Other altcoins in the top 100 such as Aave (AAVE), Theta Network (THETA), Render Token (RNDR), Enjin Coin (ENJ), Kava (KAVA), Coinflux (CFX), Zilliqa (ZIL), Stacks (STX), Hedera (HBAR), Axie Infinity (AXS)… all increased slightly from 3-6% during the day.
Source: Coinmarketcap
After being rejected at $1,900 on July 10, Ethereum (ETH) is still struggling to break through this area. Currently, the asset with the second largest market capitalization is trading around $1,882, almost flat compared to 24 hours ago.
ETH price chart – 1 hour | Source: TradingView
The column “Coin Price today” will be updated at 9:00 daily with general market news, readers are welcome to follow.
