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5 cryptocurrencies that could benefit from a positive CPI report

Published 01/09/2023, 01:00 PM
Updated 01/09/2023, 02:40 PM

Bitcoin (BTC) has finally pushed above the $17,000 mark after rallying to $17,375 on Jan. 12. with both the bulls and the bears eyeing the Consumer Price Index (CPI) due on Jan. 12. If the print shows that inflation is cooling off, risk assets may rally, but a negative surprise could attract strong selling.

While some believe that a macro bottom could be forming in Bitcoin, others remain skeptical. They draw a parallel between the current bear market and the dot-com bubble burst. The United States Federal Reserve stopped raising rates in May 2000 but the Nasdaq did not bottom out for two more years. If the same scenario plays out with cryptocurrencies, then the next bull run may not start in a hurry.

Crypto market data daily view. Source: Coin360
BTC/USDT daily chart. Source: TradingView
BTC/USDT 4-hour chart. Source: TradingView
SOL/USDT daily chart. Source: TradingView
SOL/USDT 4-hour chart. Source: TradingView
XMR/USDT daily chart. Source: TradingView
Cast your vote now!
XMR/USDT 4-hour chart. Source: TradingView
LDO/USDT daily chart. Source: TradingView
LDO/USDT 4-hour chart. Source: TradingView
AAVE/USDT daily chart. Source: TradingView
AAVE/USDT 4-hour chart. Source: TradingView

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