Crypto currencies closed one week at a more wavy course due to macroeconomic developments. However, Bitcoin (BTC) and Altcoins managed to resist the negative price pressure. While the new tariffs of hot inflation data (CPI and PPI) announced in the USA (CPI and PPI) worried global markets, crypto assets gave signals of recovery and attracted the attention of investors.
Crypto coins were under macroeconomic pressure
Last week, the global crypto currency market was suppressed under the influence of critical macroeconomic data from the United States. Consumer Price Index (CPI) for January was announced as 3 %on an annual basis and came above expectations. Likewise, the Producer Price Index (PPI) exceeded expectations with 3.5 %. These developments led to fluctuation in the performance of crypto currencies, which are among the risky assets.
On the other hand, the new tariffs announced by Donald Trump increased the concerns of the global trade war. This caused high volatility in Bitcoin and subcoins. The price of Bitcoin completed the week at a slight increase of 0.5 %, while Ethereum (ETH) gained 1 %and reached $ 2,700. Although investors continue to be cautious throughout the market, crypto assets remain in the positive region at the weekly closing.
Can a new rally start for BTC and Altcoins?
Despite macroeconomic pressures, ETF developments in the crypto market recently re -hope for investors in the crypto market. Although Bitcoin continues to remain in the focus of investors, the potential of some subcoins to perform strong performance is remarkable.
In particular, XRP was one of the prominent assets this week. The US Securities and Stock Exchange Commission (SEC) announced that Grayscale and 21shares have accepted XRP ETF applications. At the same time, ETF expectations have increased for Solana (left) and Dogecoin (Doge). These developments made market participants optimistic about the future of the crypto currency sector. As a result, the crypto asset market follows a wavy course with the effect of macroeconomic events this week, but investors believe that the potential of rise continues. In the coming period, ETF developments and market dynamics will play a critical role in determining the direction of crypto prices.
