Get Ready: Crypto Market on Edge as U.S. Inflation Data Looms

Insights into the World of Cryptocurrency

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Current Updates on the Market Recent Developments in the Industry Throughout the European trading session, the cryptocurrency market remained steady as investors anticipated the release of the latest U.S. inflation data. The upcoming personal-consumption expenditure (PCE) figures, set for 8:30 EST (12:30 UTC), are anticipated to provide insights into the Federal Reserve's future interest rate strategies. Bitcoin is currently valued at $68,100, showing a modest 0.4% increase over the past 24 hours. The broader digital asset market, as indicated by the CoinDesk 20 Index (CD20), has experienced a slight uptick of nearly 0.5%, with most assets displaying minimal fluctuations of less than 1% in either direction.

The TRUMP meme coin, inspired by former President Donald Trump, faced a significant downturn following his conviction for falsifying business records. The token dropped by as much as 35% post-verdict. Conversely, the Jeo Boden coin, based on President Joe Biden, surged by 20%. Despite the initial decline, TRUMP quickly bounced back, rallying by almost 50% to reach just under $17, surpassing its pre-verdict value, as per CoinGecko data . Currently, TRUMP is priced at $14.39, marking an 11% increase in the last 24 hours. On Polymarket, a blockchain prediction market, traders continued to favor Trump over Biden in the upcoming election, with Trump holding a 56% chance of winning compared to Biden's 38%, even after the legal developments.

Ripple's CEO, Brad Garlinghouse, envisions a future where more exchange-traded funds (ETFs) will integrate cryptocurrencies in the U.S. He predicts that the approval of a spot ether ETF could open doors for similar products tracking Ripple's XRP, as well as assets like SOL and ADA. Speaking at Consensus 2024 in Austin, Texas, Garlinghouse highlighted the regulatory hurdles that such ETFs would encounter but expressed confidence that these challenges are surmountable. He also critiqued the SEC's stance on crypto, particularly regarding the classification of ether as a security, emphasizing the necessity for clearer guidelines and updates in the regulatory environment.