A successful cryptocurrency analyst, whose views and analyzes we frequently include in our articles, drew attention to some altcoin projects by analyzing the potential repercussions of the latest US inflation data.
Analyst: There is a lot of negativity to be felt by Bitcoin and many altcoins
The famous cryptocurrency analyst, known by the nickname Guy, announced to his 71,400 subscribers in a new video he published for his followers that the inflation figures in June shocked the markets. The successful analyst also explained that the new data means that US inflation is at its highest level in four decades. Guy suggested that these high inflation figures may not even reveal the full extent of the turmoil.
Wow. 9.1 percent. This was the US inflation figure we got yesterday for the month of June, and it took the market quite by surprise. The figure for May was 8.6 percent and the expectation for yesterday’s statement was 8.8 percent. Many people did not say 9 percent, but the numbers continue to increase… Immediately after the newly announced figures, there was a serious shock in the markets. That’s because they know what’s around the corner, ie more aggressive rate hikes. Before yesterday’s inflation figures were released, markets were expecting a 50 to 75 basis point increase when the FED met later this month. These expected numbers have now increased. The Fed’s monitoring tool using interest rate futures has a 75 percent probability of an increase of 100 basis points at the next Fed meeting. Just one percent. It may not sound like much to some, but believe me, it is… [100 baz puanlık bir artış] seems more and more likely.
The successful crypto analyst also stated that the Fed is not the only organization making such a move internationally. Canada announced a 100 basis point increase yesterday, and the Bank of England recently announced a 25 basis point increase. As we report on cryptokoin.com, basis points are financial terms that refer to changes in interest rates – one basis point equals 1/100 percent. A full hundred basis points changes interest rates by one percent. Guy then talked about the potential impact of the data on altcoin projects and the cryptocurrency industry. He said:
When it comes to the impact on the markets, Bitcoin and altcoin projects seem to have recovered from the initial drop. Also, it seems that the market is currently pricing at least interest rate futures at this 100 basis point figure. If we really see a 100 basis point increase, I still think it could lead to a market crash. This is because this is still an unprecedented move, and it signals the full severity of the economic vortex we are in. Maybe the big picture turns out to be not so rosy, and then the Fed decides to soften the markets. If less than expected, this could be a boon to the markets, at least temporarily. But I still see a lot of upside in the short to medium term… The crypto markets themselves have unique challenges that bring us down. For example, in addition to Voyager’s bankruptcy yesterday, Celsius finally entered Chapter 11. These developments contain a lot of reflection and negativity to be felt by all cryptocurrency markets.
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