Leggi questo articolo in Italiano
Friday in RED for Bitcoin and crypto: US inflation ALARM
By Davide Grammatica
The crypto market collapses under the weight of investor pessimism, which does not take well to worse-than-expected US inflation data
New problems for Bitcoin
In a single day, the total capitalization of the crypto sector lost almost 6%, dropping to $2,829 billion. The cause seems to be the US core PCE data, which describes the price of goods and services purchased by consumers for consumption, and which turned out to be slightly worse than expected: 2.8% yoy against estimates of 2.7%.
A subtle difference, but one that seems to have triggered a bearish movement during the day just at a time when optimism seemed to have regained some ground in the community.
Unlike what has happened recently, the crypto world seems to be having a harder time than the stock market, with the altcoin world dragging the whole sector down. Ethereum fell below $1,900 with a movement of -7% in 24 hours, and assets such as XRP or SOL are doing similarly badly.
Bitcoin, on the other hand, is showing some resilience with a drop of 3.6%, but still not enough to be a “safe haven” asset (at least at this moment in time).
Is there a risk of a further collapse?
The correlation with macro data is still evident, and several analysts have come to argue that the first cryptocurrency could invalidate previous market cycles for this very reason. In fact, historically, the second quarter of the year has always represented a bullish period for BTC, and in this context, it wouldn’t be far-fetched to continue to see the asset reacting to global trade tensions.
In any case, the bullish picture is still supported by clear US political support, accompanied by favorable regulations. The crypto world is at the center of the political debate today, and if geopolitical risks were to cool down, then the outlook for the sector could be more than positive.
On the downside, the potential landing zones remain unchanged from recent weeks, with the low zone at $69,420 and the structural closing zone at $74,000. April could still be a very satisfying month, but reconquering $100,000 would be an absolute must before being able to assess the effective return of risk-on.
