• Bitcoin
  • Blockchain
  • Crypto
  • Metaverse
  • AltCoins
  • Business
  • Investment
  • Upcoming
What's Hot

Two Under-the-Radar Altcoins Continue To Skyrocket This Week Amid Official Coinbase Trading Rollout

January 28, 2023

Wyoming crypto bank’s Federal Reserve application denied

January 28, 2023

Bitcoin Sellers Exhausted, Accumulators HODL – Bitcoin Magazine

January 27, 2023
Facebook Twitter Instagram
  • Bitcoin

    Bitcoin Sellers Exhausted, Accumulators HODL – Bitcoin Magazine

    January 27, 2023

    Sen Ted Cruz Wants Capitol Vendors Accept Bitcoin – Bitcoin Magazine

    January 27, 2023

    Clover Integrates Bitcoin Lightning With Strike – Bitcoin Magazine

    January 27, 2023

    BitPay Announces Partnership With MoonPay – Bitcoin Magazine

    January 26, 2023

    Bitcoin Grants Us Belief – Bitcoin Magazine

    January 26, 2023
  • Blockchain

    Silvergate Suspends Dividends on Preferred Stock; Argo Blockchain Faces Class-Action Suit

    January 27, 2023

    Gate2Chain Blockchain, Tourism and the Future of the Internet Conference highlights

    January 27, 2023

    Blockchain Comparative Guide – – Cayman Islands

    January 27, 2023

    Enjoy & Earn” opens for Global Pre-registration on Google Play

    January 27, 2023

    Courts Approve Alternative Service Via Twitter and Blockchain in Cryptocurrency Cases | Akerman LLP

    January 26, 2023
  • Crypto

    Aave deploys V3 on Ethereum after 10 months of testing on other networks

    January 27, 2023

    The dirty secrets of cryptocurrency explained

    January 27, 2023

    SEC Is Investigating Financial Advisors Over Cryptocurrency Custody

    January 27, 2023

    Stock and Share Market News, Economy and Finance News, Sensex, Nifty, Global Market, NSE, BSE Live IPO News

    January 27, 2023

    What Does a Risk Analysis Say About Ethereum (ETH) Thursday?

    January 26, 2023
  • Metaverse

    The metaverse is creating a new virtual marketplace for retail brands

    January 27, 2023

    Chainers Review – Free-To-Play NFT Game For Degens

    January 27, 2023

    Keep an eye out for major company NFT trademark filings this year

    January 27, 2023

    Should Your Law Firm Set Up Shop In The Metaverse?

    January 26, 2023

    How Fashion Schools Are Teaching the Metaverse

    January 26, 2023
  • AltCoins

    Two Under-the-Radar Altcoins Continue To Skyrocket This Week Amid Official Coinbase Trading Rollout

    January 28, 2023

    Three Well-Known Altcoins That Traders Should Keep An Eye On By CoinEdition

    January 27, 2023

    5 Altcoins That Lead Crypto Market Gainers

    January 27, 2023

    Top 3 Altcoins to Splash Out in February 2023-Do You Have Some in your Portfolio? – Coinpedia Fintech News

    January 27, 2023

    Crypto Analysts Believe These Altcoins Will Explode in Value in 2023 – Find Out Why

    January 27, 2023
  • Business

    New GC in crypto space says compliance is top priority

    January 27, 2023

    IRS Releases Memorandum on Deducting Cryptocurrency Losses | McDermott Will & Emery

    January 27, 2023

    Australian cryptocurrency casino inks record Formula 1 sponsorship deal

    January 27, 2023

    Cryptocurrency Price Today In India January 27 Check Global Market Cap Bitcoin BTC Ethereum Doge Solana Litecoin Fantom Threshold Gainer Loser

    January 27, 2023

    Mango Markets to Resume Crypto Trading, SEC Be Damned

    January 26, 2023
  • Investment

    SEC is investigating investment advisers over crypto custody – Cryptopolitan

    January 27, 2023

    Bit Brother Increased Its Investment in Blockchain Field and Entered Brokerage Agreement to Purchase 400 Mining Rigs with Estimated Hash Rate of 40,000 TH/S

    January 27, 2023

    Big Eyes Coin Another Eco-Friendly Coin Soon to Join Market – CryptoMode

    January 27, 2023

    Ways To Earn Free Bitcoin In 2023 – Forbes Advisor INDIA

    January 27, 2023

    Barry Silbert keeps quiet as Genesis goes down in flames By Cointelegraph

    January 26, 2023
  • Upcoming

    Wyoming crypto bank’s Federal Reserve application denied

    January 28, 2023

    Reasons For The Rally And Where Is Ada Headed Next?

    January 27, 2023

    Is a Breakout in BCH possible? A Technical Analysis of the … – The Coin Republic

    January 27, 2023

    Can Illuvium Become Crypto Gaming’s AAA Breakthrough?

    January 26, 2023

    Crown Castle earnings missed by $0.03, revenue topped estimates By Investing.com

    January 26, 2023
investorstoday.press
investorstoday.press
Home»AltCoins»Crypto Market Rises After Unexpected Drop in US Retail Sales
AltCoins

Crypto Market Rises After Unexpected Drop in US Retail Sales

maikdezana@icloud.comBy maikdezana@icloud.comJanuary 19, 2023No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The cryptocurrency market is experiencing a surge in prices following the release of the latest economic data from the United States. Bitcoin, the most well-known and widely used cryptocurrency, is currently trading at $21,565, an increase of 0.9%, while Ethereum, the second-largest cryptocurrency by market capitalization, is up 0.85% at $1,602.

Economic Data Boosts Cryptocurrency Market

The latest economic data, which includes a decrease in retail sales and a fall in producer price index (PPI) inflation, is being seen as a positive development for the cryptocurrency market. The retail sales figure, a closely watched metric, fell by 1.1%, a greater decline than the -0.8% forecast by economists. PPI inflation, meanwhile, fell to 6.2%, lower than the expected headline figure of 6.8%.

This economic data is being interpreted as a sign that interest rates may not need to rise as quickly as previously thought, a sentiment that is being reflected in the stock and cryptocurrency markets. The decrease in retail sales suggests that consumers are feeling the impact of higher prices and are cutting back on spending, which could take some of the demand out of the economy and help to slow inflation.

Economic Data Points to Positive Outlook for Bitcoin and Altcoins

The PPI reading also supports earlier data that suggests inflation is slowing, which would eliminate the need for the Federal Reserve to take more aggressive action on interest rates. This shift in sentiment is helping to fuel a recovery in risk assets, including stocks and cryptocurrencies.

In the case of Bitcoin, the cryptocurrency is now trading comfortably above its 200-day simple moving average and the Moving Average Convergence Divergence (MACD) is moving above the signal line. Additionally, volume profile indicators show strong volume at the current price point. This technical analysis suggests that the bear market for Bitcoin may be coming to an end, with the key target for confirmation being a successful attack on the $30,000 price level, a key area of resistance last visited in June 2022.

Overall, the latest economic data and technical analysis suggest that now may be a good time to start accumulating Bitcoin and other top altcoins such as Ethereum, Solana, and Avalanche.

Final Thoughts

The latest economic data from the United States, which includes a decrease in retail sales and a fall in producer price index (PPI) inflation, is being viewed as a positive development for the cryptocurrency market. The data suggests that interest rates may not need to rise as quickly as previously thought, a sentiment that is being reflected in the stock and cryptocurrency markets. Additionally, technical analysis of Bitcoin suggests that the bear market may be coming to an end. With this in mind, it may be a good time to consider accumulating Bitcoin and other top altcoins.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
maikdezana@icloud.com
  • Website

Related Posts

Two Under-the-Radar Altcoins Continue To Skyrocket This Week Amid Official Coinbase Trading Rollout

January 28, 2023

Three Well-Known Altcoins That Traders Should Keep An Eye On By CoinEdition

January 27, 2023

5 Altcoins That Lead Crypto Market Gainers

January 27, 2023

Top 3 Altcoins to Splash Out in February 2023-Do You Have Some in your Portfolio? – Coinpedia Fintech News

January 27, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Subscribe to Updates

Get the latest crypto news

Advertisement
Demo
Top Insights

Two Under-the-Radar Altcoins Continue To Skyrocket This Week Amid Official Coinbase Trading Rollout

January 28, 2023

Wyoming crypto bank’s Federal Reserve application denied

January 28, 2023

Bitcoin Sellers Exhausted, Accumulators HODL – Bitcoin Magazine

January 27, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Categories
  • AltCoins (1,377)
  • Bitcoin (1,353)
  • Blockchain (1,361)
  • Business (1,355)
  • Crypto (1,342)
  • Investment (1,360)
  • Metaverse (1,338)
  • Upcoming (1,299)
Facebook Instagram
  • Contact Us
  • privacy policy
  • about us
© 2023 Designed by investorstoday.

Type above and press Enter to search. Press Esc to cancel.