Ecoinometrics: The past two months have been promising for inflation control in the USA. The core Consumer Price Index (CPI) is showing signs of breaking through the stubborn 3% plateau that it has been stuck at for a while. Furthermore, the labor market is showing signs of easing, which means it is becoming less tight. With these positive indicators, it appears that the Federal Reserve has solid grounds to consider initiating a reduction in interest rates. This potential shift in monetary policy could be a significant step towards maintaining economic stability and fostering growth.
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Richard Galvin, co-founder of Digital Asset Capital Management, attributes the recent cryptocurrency market downturn to concerns over President Biden's potential replacement by a stronger Democratic candidate who may not support cryptocurrencies. He also cites the selling pressure from Mt.Gox and government addresses as significant short-term factors affecting Bitcoin's Noelle Acheson, author of 'Crypto Is Macro Now,' highlights ongoing selling pressure from miners but suggests that weak US economic data or the approval of an Ethereum spot ETF could quickly boost market sentiment. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, believes that a new Democratic candidate could better address crypto issues, noting an overall improvement in the government's stance towards digital assets over the past year. For more details, visit Odaily's article.
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Recently, there have been interesting developments in the cryptocurrency market. Bitcoin has shown stable growth, nearing new highs, which has sparked increased investor interest. Ethereum is also on the rise, especially with its upcoming network upgrade that promises to improve scalability and reduce fees. Additionally, the growth of DeFi and NFTs is noteworthy. DeFi projects are attracting more attention with innovative financial products, while NFTs continue to gain popularity in the digital art and collectibles world. The market remains volatile, but many analysts believe this is just the beginning of a significant cryptocurrency journey. Stay tuned for important updates!
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