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Lower-than-expected inflation prints are bullish for cryptocurrencies as they raise the odds that the Federal Reserve could adopt a more dovish stance on interest rates.
Market participants are still concerned about the impact that Trump’s hostile measures on the trade front could have on prices.
This lower-than-expected inflation rate could appease some of those fears. However, it is still too early to draw conclusions as most of Trump’s trade decisions have not been fully implemented.
BTC Short-Sellers Wiped as Price Bounces
Trading volumes for BTC have retreated by 17.2% in the past 24 hours as the market recovers its composure after a few days of heavy selling. That said, sentiment readings are still heavily depressed as the Fear and Greed Index currently stands at 19, meaning that investors are still in “Extreme Fear” mode.
In a volatile market like this, trends can change quickly. Yesterday, over $800 million worth of long positions were liquidated in just 24 hours.
Just a day after, we are witnessing $260 million worth of short positions being flushed out of the system as a result of crypto’s latest bull run. BTC accounts for nearly 60% of that total as short-sellers expected a continuation of the downtrend.
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