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The latest news from the Fed is undoubtedly a heavy blow to the cryptocurrency market. We have discussed that if the CPI data can be lower than 3.4, it will be a positive for the market. The reality is that the data was released at 3.3, and as we expected, the market responded quickly and the price of cryptocurrencies rose accordingly. It was also predicted that the Fed's interest rate would remain unchanged, which was also verified.
Such a result is undoubtedly a huge blow to the cryptocurrency market. Previously, the market generally expected that the Fed might cut interest rates two or three times in 2024, which would help boost market sentiment and drive up cryptocurrency prices. The current situation is that this beautiful expectation of the market has been shattered, and there is only one possible interest rate cut left.
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We also need to understand that the dot plot is not static, it changes with time and economic conditions. However, the next dot plot will not be released until September, which means that the cryptocurrency market may face greater pressure in the three months from June to September. Without the expected support of interest rate cuts, market confidence may be hit, and the price of cryptocurrencies may fluctuate as a result.
This is undoubtedly bad news for the current cryptocurrency market. We need to stay vigilant and pay close attention to market dynamics so that we can react at the first time.