According to a cryptocurrency analyst, the cryptocurrency market may lose momentum due to macroeconomic conditions.
Nansen analyst Aurelie Barthere said: “We now need to be looking for signs of weakness in growth to see what the next catalyst for cryptocurrency prices will be.” said.
Analyst says U.S. Consumer Price Index and Producer Price Index data are for Bitcoin and cryptocurrencies in general may have negative consequences he thinks.
Strengthening employment data may lead to increased spending and therefore the cost of goods and services.
Barthere, “I think the second half of 2024 is likely to see a shallower recession/slow growth, which could be a source of resistance for Bitcoin.” said.
Nansen analyst, “If inflation were to accelerate again, we think it would be negative for crypto prices.” he commented.