This week, with more negative economic news for the US and the rest of the world, analysts forecast another rise in cryptocurrency prices.
The most recent US Consumer Price Index (CPI) statistics, which was published last week, showed that inflation was 8.2% at the time.
Before an unexpected rally on Thursday and Friday, that statistic caused a significant sell-off in cryptocurrency.
Although the price of some currencies has subsequently fallen, the overall market worth is gradually heading back above $1 trillion, and after a sluggish weekend, volume is once more over $200 billion.
Now, analysts and traders are calling for a price increase this week.
Decline in the Empire State Manufacturing Index.
New York State’s manufacturing activity decreased for the third month in a row.
The Wall Street Journal’s survey of economists revealed that the Empire State Manufacturing Index would fall to minus-5.1 in October, but instead it dropped to minus-9.1 in October, down from minus-1.5 in September.
The Federal Reserve Bank of New York performed a survey of manufacturing businesses in the state, and the indication suggests that factory activity decreased more quickly than it did the previous month and that consumer demand has decreased.
It serves as a gauge for the larger US manufacturing and production sectors, with the survey’s findings providing policymakers with a more current picture of the situation.
The downturn has been interpreted as an indication that the US economy is still struggling.
Michael van de Poppe, a Dutch cryptocurrency trader and financial commentator, tweeted that the results were “Way worse than projected and, again, illustrates the weakness in the economy.”
Bitcoin as an Inflation Hedge.
Although cryptocurrencies have long been promoted as a hedge against inflation, this has not yet been the case, as crypto tokens are just as susceptible to market forces and changes in the economy as any other asset.
In the upcoming months and years, those advancements will only further mass and institutional acceptance.
After two years, the Ripple court action against the US Securities and Exchange Commission (SEC) is also coming to a close, with many in the industry anticipating a victory for Ripple.
Decentralized finance protocols, central bank digital currencies (CBDCs), and even GameFi initiatives are all making significant strides in their development, which will help them gain mainstream use and divert the market from conventional market trends.
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