The Latest Inflation Print Was Cooler. Does That Make Crypocurrencies a Buy?
One data point doesn't make for an investment thesis.
Overview
June's Consumer Price Index (CPI) came in at 3.5% year over year, well below expectations for 3.8%. Odds of the Federal Reserve voting for a rate hike in July subsequently collapsed from 42% to 17%. At the same time, Bitcoin (CRYPTO: BTC) ticked up to around $63,500, Ethereum (CRYPTO: ETH) climbed about 4%, and Solana (CRYPTO: SOL) rose too.
The market seems to think that this inflation data is good news. But does this really make cryptocurrencies worth buying right now?
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
- Buyer snaps up Josh Duhamel’s $3 million L.A. home as actor embraces his Minnesota ‘doomsday prepper’ cabin
- Chinese startup Moonshot AI unveils Kimi model it says rivals OpenAI, Anthropic
- Sandisk Stock Is Up More Than 3,700% From Its 52-Week Low. Is the Memory Rally Still Investable, or Is This Stock Priced for Perfection?
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.