{"id":271058,"date":"2024-03-25T10:42:53","date_gmt":"2024-03-25T05:12:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/crypto-markets-brace-for-volatility-ahead-of-core-pce-price-data-release-crypto-news\/"},"modified":"2024-03-25T10:42:56","modified_gmt":"2024-03-25T05:12:56","slug":"crypto-markets-brace-for-volatility-ahead-of-core-pce-price-data-release-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-markets-brace-for-volatility-ahead-of-core-pce-price-data-release-crypto-news\/","title":{"rendered":"Crypto Markets Brace for Volatility Ahead of Core PCE Price Data Release – Crypto News"},"content":{"rendered":"

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Over the last weekend, Bitcoin and the broader crypto market witnessed some buying interest. As of press time, the Bitcoin price is trading 5.38% up at a price of $67,336 with a market cap of $1.323 trillion. Similarly, the altcoin space is showing some momentum with Ethereum (ETH) up 4.72% moving closer to $3,500.<\/p>\n

US to Reveal Core PCE Price Index Data<\/h3>\n

This week, on March 29th, the United States will unveil the annual rate of the core Personal Consumption Expenditures (PCE) price index for February. This data holds particular significance as it represents a key indicator closely monitored by the Federal Reserve.<\/p>\n

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In tandem with the release of this crucial economic data, Federal Reserve Chairman Jerome Powell will deliver remarks at an event hosted by the San Francisco Federal Reserve Bank. Powell\u2019s address is likely to focus on the intersection of macroeconomics and monetary policy, offering insights into the central bank\u2019s outlook and decision-making process. Last week, Powell took a dovish stand<\/a> on the monetary policy stating that strong labor markets could be no reason to resume rate cuts.<\/p>\n

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Amidst these developments, market analysts are closely monitoring the probability of the Federal Open Market Committee (FOMC) maintaining interest rates<\/a> unchanged during its upcoming meeting in May. Presently, the likelihood of such a decision stands at 89.1%, reflecting prevailing sentiments regarding monetary policy stability.<\/p>\n

Bitcoin Price Volatility Ahead of Halving<\/h3>\n

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Glassnode, a leading on-chain data provider, has issued a warning to traders, urging them to prepare for potential volatility surrounding the upcoming Bitcoin halving event. Emphasizing the importance of monitoring Exchange-Traded Fund (ETF) activity as a critical gauge of market sentiment in the short term, Glassnode highlights the significance of institutional demand introduced by Bitcoin ETFs<\/a> in mitigating the impact of the halving during this cycle.<\/p>\n

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The anticipated reduction in the issuance rate of new Bitcoins, known as the halving, historically has been a pivotal event in Bitcoin\u2019s price trajectory. However, Glassnode<\/a> suggests that the effect of the halving on the current cycle may be tempered by the influx of institutional demand facilitated by the introduction of Bitcoin ETFs.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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