Best Crypto to Buy Now 13 June – Terra Luna Classic, GMX, Fantom
The United States inflation rate has slowed down, with May recording a 4% rate–the lowest yearly figure since March 2021.
The drop in inflation may prompt the U.S. Federal Reserve to avoid raising interest rates during its upcoming Wednesday conference, prompting market observers to closely monitor the situation.
With the current economic situation in mind, what are the best cryptos to buy now?
#CPI June 13, 2023
— Mr. Clutch Trades (@MrClutchTrades) June 13, 2023
Previous: 4.9%
Expected: 4.1%
Actual: 4.0%$SPY Open: $435.32$SPY Close: $436.66 (+$1.34)
High: $437.33
Low: $434.63
Rather tight $4 range for a CPI day, but there was a $2 gap up from better than expected numbers. $23 increase since May CPI. pic.twitter.com/SSjfbCvzeJ
The monthly Consumer Price Index (CPI), a broad measure of inflation, only increased by 0.1%, falling short of the projected 0.3% increase, and further fueling speculation about the interest rate hike hiatus. However, other indicators such as the PCE and core CPI suggest a potential rise in inflation by July.
Futures markets placed a 78% bet on the Fed leaving interest rates in the 5-5.25% range earlier this week, given the jobless rate’s climb from 3.4% in April to 3.7% in May. This likelihood has since surged to 94% in light of the CPI’s unveiling.
Since March 2022, the Fed has raised interest rates ten times to stabilize prices after a period of near-zero rates and large-scale government bond purchases designed to spur the US economy.
With key indicators pointing towards an economic cooldown, many market watchers now anticipate that June will see a cessation of rate hikes.
However, it’s worth noting that the Fed’s favored inflation metric, the personal consumption expenditure index (PCE), hasn’t reacted to the uptick in rates as positively as its CPI counterpart.
In the previous quarter, PCE’s average growth was 4.3%, while wage growth was a mere 0.3%. In addition, the core CPI, which strips out volatile food and energy prices, rose by 0.4% for three consecutive months up until May.
This data suggests that the Fed may hold off on rate increases in June, potentially resuming the hikes in July. As Morning Consult economist John Lear advises, “Don’t get lost in the weeds of dropping headline inflation. The Fed might hit the brakes on rate increases this week, but it will need to return to hiking if it wants to keep inflation in check.”
On the cryptocurrency front, it’s intriguing to note that despite the Fed’s actions, Bitcoin continues to react to futures, although crucial information is still pending.
Following the release of the CPI statistics, the Dow Jones Industrial Average saw a 75-point increase.
Futures for the S&P 500 and Nasdaq were also in the green, climbing 0.3% and 0.6% respectively. Bitcoin experienced a brief surge from $26,300 to $26,200, albeit once again falling subsequently below the $26,000 mark as it trades at $25,847 down by 0.25% so far today.
Bitcoin has rallied nearly $10,000 since January 1, 2023, starting the year at $16,600. This upward trend has been partly driven by predictions of the Fed either maintaining or reducing interest rates.
The forthcoming Fed announcement regarding interest rates this Wednesday might act as a trigger, propelling assets to greater heights.
The bank’s year-end economic forecasts, also due for release this week, could prove pivotal in assessing investor faith in Bitcoin’s status as a reliable refuge.
The document is expected to adjust both unemployment and PCE projections for the year’s end to 4.5% and 3.6%, respectively.
This move could spark further activity in the cryptocurrency arena, as the market continues to grapple with the implications of an unpredictable economic landscape.
With the U.S. Federal Reserve possibly avoiding interest rate hikes, it may be a good time to invest in cryptocurrencies that have strong fundamentals and/or favorable technical analysis.
WSM, LUNC, ECOTERRA, GMX, YPRED, FTM, and LPX are some of the best cryptos to buy now.
To the Meme and Back: Wall Street Memes Shoots for the Moon
Wall Street Memes hit a milestone, raising $6.6 million in under three weeks for its $WSM meme coin presale.
Crypto investors must act fast to get the next Pepecoin, Dogecoin or Shiba Inu meme coin early.
The presale is in stage 13, with $WSM at $0.0286. By the presale’s end, $WSM will be $0.0337, a 20% gain for current buyers.
Unlike most presales, Wall Street Memes’ team has a track record of digital asset launch sellouts.
The $WSM presale surpassed Wall Street Bulls’ 10,000 NFT collection’s $2.5 million in 32 minutes.
Wall Street Memes attracted 523K Instagram, 214K Twitter, and 100K+ other followers. The community drew interactions from Twitter’s most followed person, Elon Musk, twice.
Musk replied to a tweet after Wall Street Memes retweeted it, suggesting someone Musk follows, follows them. More Musk interactions could boost the $WSM presale.
Wall Street Memes also gained entrepreneur Gary Vee’s attention. The huge community suggests major exchange $WSM listings like Binance, already in talks.
Listings expose tokens to more potential buyers and traders, often impacting the price positively. Decentralized exchanges will list $WSM first, then centralized ones.