The crypto market, alongside stocks and other risk assets, received a significant boost on Friday, September 27, after the U.S. government released encouraging inflation data. Bitcoin, altcoins like Wormhole (W), Floki (FLOKI), and meme coins such as Pepe (PEPE) and Shiba Inu (SHIB) surged following this economic news.
US PCE Inflation Drops in August
Bitcoin maintained its strength above $65,000, while altcoins like Floki surged by over 17%, and Shiba Inu rallied more than 15%. Futures contracts linked to the Dow Jones, S&P 500, and Nasdaq 100 also rose by over 25 basis points.
According to U.S. government data, the Personal Consumption Expenditure (PCE) inflation rate for August fell from 0.2% in July to 0.1%, lower than expected. On a year-over-year basis, PCE dropped from 2.5% to 2.2%, marking its lowest point in more than two years. The core PCE, which excludes volatile food and energy prices, also saw a decline, falling from 0.2% to 0.1%.
These inflation numbers suggest the Federal Reserve is nearing its 2% inflation target, increasing the likelihood of further interest rate cuts in the final two meetings of the year. The Fed had already slashed rates by 0.50% in its previous meeting as the unemployment rate remained above 4%. This dovish approach is not limited to the U.S., as central banks like the Swiss National Bank, European Central Bank, and Bank of England have also signaled easing monetary policies.
Historically, cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu perform well in low-interest-rate environments. As the Fed moves closer to cutting rates, investors are eyeing further price gains across the crypto market.
China’s Economic Stimulus and Its Impact
In addition to U.S. economic policies, China, the world’s second-largest economy, has also injected more liquidity into the global financial system. On Tuesday, China’s central bank reduced a key interest rate and lowered reserve ratios, unlocking over 0 billion to stabilize its stock market. Beijing is also considering an additional $150 billion in stimulus. This move is expected to benefit both traditional financial markets and cryptocurrencies like Bitcoin and altcoins such as Wormhole and Floki.
Changpeng Zhao’s Release Boosts Crypto Sentiment
Another catalyst driving the recent market optimism is the release of Changpeng Zhao (CZ), Binance’s founder, from custody after serving a four-month sentence. As part of his settlement with the U.S. government, CZ paid a $50 million fine and stepped down as Binance’s CEO. Binance itself was ordered to pay $4.3 billion in penalties.
Crypto market analysts are optimistic about CZ’s return to the industry. According to Ki Young Ju, CEO of CryptoQuant, Zhao’s release could trigger a surge in cryptocurrency prices. Adrian Zdunczyk, another prominent crypto analyst, echoed this sentiment, predicting that traders would begin pumping cryptocurrencies following Zhao’s release.
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Outlook for Bitcoin and Altcoins
As Bitcoin enters a technical bull market, the combination of easing inflation, supportive global economic policies, and Zhao’s return is fostering positive sentiment across the crypto space. With altcoins like Floki, Wormhole, and meme coins such as Pepe continuing to perform well, the outlook for the broader market is bright.
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There are indications that the crypto will be distributed to players over two years rather than all at once. This approach is likely designed to prevent a rapid drop in price after listing, with the intention that only the “whales” will remain to gradually buy up your coins.
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