Bijie.com reports:
Michelle Bowman, a member of the Federal Reserve Board, stated that it is too early to consider lowering interest rates in 2024. The timing of this disclosure is very sensitive and has implications for both traditional and cryptocurrency markets. The situation is further exacerbated by the expectation of important economic data being released later this week.
Despite some success in controlling inflation in the United States, Chairman Bowman recently emphasized that the inflation rate remains high and is easily influenced by a range of positive factors. Given the current economic situation, the Federal Reserve has always maintained caution in monetary policy, consistent with this view. Bowman also emphasized the importance of the Federal Reserve maintaining decision-making fairness and independence.
The above remarks were made before the release of the revised U.S. GDP data for the first quarter on Thursday, June 27. In addition, important statistics on personal spending, income, and the U.S. PCE inflation rate will be released on Friday. Market participants will pay particular attention to PCE and core PCE inflation statistics.
The cryptocurrency market has been weak recently, with Bitcoin briefly falling below the $60,000 mark on the 25th, reaching $58,402. Although Bitcoin has rebounded slightly at the time of writing, reaching a high of $62,422 at 3 a.m. on the 26th, investors are currently wary of the future of BTC.
CryptoQuant analyst Mignolet stated that based on the UTXO profit percentage of Bitcoin during the consolidation phase last year, although Bitcoin is currently in a consolidation phase, the UTXO profit percentage has clearly deviated from the low point. Therefore, Bitcoin whales may react to the market’s panic, which also suggests that the market may experience a V-shaped rebound.
