The seven and inflation data! 📉

Crypto enthusiasts, the market is witnessing significant movements, with Bitcoin ($BTC ) retreating to stand at $107,600, which has notably impacted the entire cryptocurrency market. Altcoins like AVAX and ADA are recording losses of around 5% today, increasing the uncertainty.

G7 summit and inflation data: Key market drivers

• G7 summit (June 15-17): Investors are awaiting the summit results related to tariffs, as any changes in trade policies could impact the cryptocurrency market.

• US Producer Price Index (PPI) data: Data is expected to be released today, with forecasts indicating a rise in the core producer price index by 2.6%, compared to 2.4% in the previous month. This increase could negatively impact consumer spending data and lead to declines in the market before the US market opens.

• European Central Bank statements and Middle East developments: These events could either heighten or alleviate concerns, affecting market sentiment.

Cryptocurrency exchange-traded funds (ETFs): A bright spot in the market?

• Bitcoin exchange-traded funds (BTC ETFs): Despite the decline, these funds have seen continuous inflows, with a net inflow of $164.6 million after the confirmation of the agreement between the United States and China and positive consumer price index data. The weekly net inflows are approaching $1 billion.

• Ethereum exchange-traded funds (ETH ETFs): Inflows into these funds have surpassed Bitcoin, totaling $240 million, primarily driven by significant participation from BlackRock clients. This increasing interest in Ethereum provides positive momentum for the market.

Summary: Caution and vigilance

The market is experiencing significant volatility, influenced by global economic and political factors. Investors should exercise caution and closely monitor developments, especially concerning the G7 summit and US inflation data. At the same time, the performance of cryptocurrency exchange-traded funds shows some positive signs, but caution remains key at this stage.

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