Crypto:
30336
Bitcoin:
$64.944
% 0.23
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.944
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Coinbase Analysts Evaluated Crypto Market – Report

Coinbase

According to Coinbase‘s report, the macroeconomic environment continues to be an important factor in cryptocurrency performance. Analysts David Han and David Duong cited the recovery in Bitcoin prices following lower CPI (Consumer Price Index) data in April as evidence of macroeconomic guidance in the sector.

Impact of April CPI Data

Han and Duong said, “Macro remains a key driver for crypto performance. “The annual inflation rate of 3.4% supports our expectation that we are still in a disinflation trend and could reduce inflation growth to mid-2% by the end of the year,” he said. However, analysts have mixed views on inflation in the US, noting permanent housing costs in CPI data released Wednesday.Analysts also noted that the stagnation in U.S. retail sales last month supports their view that the economy may be reaching its peak.

“We’re not concerned about the sticky part of the housing index, but last month’s stagnation in retail sales has supported our view that the economy may be peaking,” they added.

Macroeconomic Factors and Crypto Markets

Coinbase‘s report highlights that macroeconomic factors play an important role in the performance of cryptocurrency markets. In particular, inflation data and economic indicators can cause significant fluctuations in the prices of Bitcoin and other cryptocurrencies. This situation once again reveals that cryptocurrency investors and analysts should follow macroeconomic developments closely.


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