Bitcoin will benefit, whether FOMC cuts or holds
Today’s FOMC decision follows the recently announced May CPI data, which indicated a slight deceleration in inflation to 3.3% year-over-year from April’s 3.4%. The crypto market reacted positively to the news, with Bitcoin gaining 2.3% and the broader market from the top 20 cryptos all showing positive movement. The moderation in inflation fueled hopes for potential interest rate cuts by the Federal Reserve in the coming months.
On the AI side of things, the ASI Alliance, formed by Fetch.ai, SingularityNET, and Ocean Protocol, has announced a new date for their anticipated token merger. Initially set for June 13, the event is now slated for July 15 to ensure the seamless handling of technical and logistical requirements involving exchanges, validators, and ecosystem partners.
Today’s Newsletter
- Bitcoin set to benefit whether FOMC cuts or holds rates: Bitfinex
- Bitcoin gains as May CPI data shows moderate inflation numbers
- Fetch.ai, SingularityNET, and Ocean Protocol reschedule token merger for July 15
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Top Stories
BITCOIN
Bitcoin set to benefit whether the FOMC cuts or holds rates
Bitfinex analysts suggest that past decisions to cut rates have typically resulted in increased asset prices and ETF inflows, using the gold market as a benchmark. Similar patterns are expected in the market, with all eight of the last CPI and FOMC events causing increased volatility, at least on an intra-day or intra-week basis.
Although Bitfinex analysts didn’t expect a rate cut decision to come out today, they expected that the Fed will follow movements from entities such as the European Central Bank in the following months. Monitoring the Fed’s future policy direction will be essential for predicting long-term market movements. The global liquidity cycle indicates that money supply is likely to increase, which can support asset prices. [ cryptobriefing ]
BITCOIN
Bitcoin gains as May CPI data shows moderate inflation numbers
Ruslan Lienkha, chief of markets at YouHodler, commented on the current market sentiment, noting that Bitcoin can overcome the resistance level in the zone of 71k-73k and renew all-time highs in the following weeks, driven by optimism in financial markets. This positive sentiment is caused by expectations of coming interest rate cuts in the US and Europe that stimulate capital inflows into risk assets.
Despite the encouraging CPI data, Federal Reserve Chair Jerome Powell is expected to maintain a cautious stance regarding potential rate cuts during the upcoming FOMC meeting. The central bank is also likely to emphasize the strength of the US economy and the persistence of elevated inflation as reasons to keep interest rates higher for an extended period. [ cryptobriefing ]
ECOSYSTEM
Fetch.ai, SingularityNET, and Ocean Protocol reschedule token merger for July 15
Once technical integrations with third-party platforms are finalized, the ASI token will launch, and FET, AGIX, and OCEAN will stop trading independently and merge into ASI. Token holders have been assured that no immediate action is required from their end, and the merger is expected to proceed without further delays.
The merger aims to create the largest open-source, decentralized network focused on the AI industry, challenging big tech companies’ dominance in AI. ASI will serve as a symbol for the shared quest to leverage advanced AI, blockchain, and decentralized governance. [ cryptobriefing ]
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Tether to invest $1 billion in startups until 2025, says Paolo Ardoino
OKX confirms a few user accounts were drained via identity theft. [theblock]
MetaMask rolls out native Ethereum staking in its wallet
Celestia’s Blobstream goes live on Ethereum mainnet
Metaplanet’s shares soar 10% after new Bitcoin investment
FIT21 isn’t the crypto win you think it is. [blockworks]
ZKSync to airdrop 17.5% of ZK token supply to 695K wallets
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Vince and Diego
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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