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Crypto Market Reacts to U.S. CPI Data

Crypto markets surged on June 12 following the release of U.S. Consumer Price Index (CPI) numbers for May, which came in flat, sparking optimism for favorable inflation data.

The latest U.S. CPI data revealed that prices remained steady last month, compared to a 0.3% increase in April. Year-over-year (YoY) CPI also showed a decline from 3.4% in April to 3.3% in May, surpassing expectations of no change in the data.

Core CPI YoY levels dropped from 3.6% to 3.4% in the previous month, marking the lowest rate since April 2021. Analysts had predicted a 3.5% increase for this index.

As a result of the positive data, the total crypto market cap soared by 3%, reaching $2.65 trillion, according to CoinGecko. Bitcoin (BTC) experienced a 4% surge, breaking a two-day decline and surpassing $69,300, while Ethereum (ETH) saw a nearly 3% rise to $3,639 at the time of reporting.

Various other digital assets within the top 10 tokens, including BNB, Solana (SOL), XRP, Dogecoin (DOGE), and Toncoin (TON), also recorded modest gains on the day.

Anticipating Crypto Price Movements Amid Inflation Data

The QCP Capital report indicated that crypto traders and investors were expecting milder inflation data from the upcoming Federal Open Market Committee (FOMC) meeting. Market participants were observed engaging in “aggressive buying” of June 13 calls and experiencing elevated funding rates, suggesting a positioning for an upward market trend.

According to analysts at QCP Capital, a neutral outcome from the FOMC meeting could potentially drive the crypto market to revisit its previous highs.

If the Federal Reserve aligns its decisions with those made by other prominent central banks, such as the European Central Bank and the Bank of Canada, cryptocurrencies and risk assets could see increased liquidity inflows. The news of rate cuts from these banks led to a rise in the U.S. dollar index (DXY) to a 30-day peak, signaling the availability of more capital for investments.

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