Bitcoin, XRP Price Gains As Stock Market Looks Mixed Ahead Of Inflation Data

Crypto News: Bitcoin (BTC), the world’s biggest crypto registered massive gains to lead altcoins toward recovery. However, the U.S. stock index futures dropped some mixed signals suggesting that investors are not willing to take advanced bets ahead of the Inflation data release.

Also Read: MicroStrategy Stock Spikes As Its Bitcoin Bet Turns Green

Stock Market Looks Confused Ahead Of CPI Data

Reports suggest that the investors are in a hope that the Federal Reserve System will end its aggressive monetary policy. However, a solid labor market report pumped the bets of the Central Bank increasing rates by 25 basis points. This comes after the market saw a major sell off due to several mid sized lenders collapsed.

Data suggests that the traders seek a 68% chance of a surge in the inflation rate. Meanwhile, this rings a bell of recession slowly sliding in the light of weak economic data. The report mentions that economists believe CPI to grow by 5.2% in March. The core prices are also seeking a rise to 5.6%. Read More Crypto News Here…

It added that the investors expect the profits for the first quarter at S&P 500 firms to drop around 5.2% year on year (YOY). However, S&P 500 index (SPX) dropped 3.10 points or 0.08% at the press time. While Dow Jones Industrial Average (DJI) saw a jump of 39 points or 0.12%, at the same time. Nasdaq Composite (INDEXNASDAQ: .IXIC) is down by 58.61 points or 0.48%.

Also Read: Janet Yellen Says Inflation In US Still ‘Too High’, Ahead Of CPI Data Release

Bitcoin price is up by more than 6% in the last 24 hours, BTC is trading at an average price of $30,136, at the press time. Its 24 hour trading volume is up by 92% to stand at $25 billion.

Ripple’s native token, XRP price is on a surge gaining around 4% over the past day. It is trading at an average price of $0.518, at the press time.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.