'It's still early days' — Sudden $6 trillion Fed inflation reversal predicts Bitcoin Ethereum, XRP, crypto price boom

Bitcoin
Bitcoin
The sudden rise and rise came after the latest US inflation figures showed price pressures were back on a downward trend (with some speculating that a 'huge' China earthquake could be just around the corner) Masu).

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Bitcoin prices soar above $65,000 per BTC for the first time since early May as traders increase bets that the Federal Reserve will soon declare victory in the fight against inflation and cut interest rates. However, Elon Musk recently joined other prominent investors in warning. “Stealth money printing” could destroy the US dollar.

Ethereum sends XRP ahead of major inflation data
XRP
One bullish Bitcoin investor predicts that there is “$6 trillion in excess cash” that could push the price of Bitcoin to $150,000 this year, adding that the recent Bitcoin bull market is “still early. ” he said.

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“Bitcoin is still in the early stages of its upcycle,” said Tom Lee, managing partner and head of research at Fundstrat Global Advisors. CNBC. “So the idea that it could reach $150,000 this year is still in our base case.”

The latest monthly U.S. consumer price index data showed the pace of U.S. inflation eased slightly in April, rising 0.3% versus 0.4% in March, compared to economists' expectations of 0.4%.

“I think it certainly helps that the Fed has reiterated its view on inflation and is relatively dovish relative to market conditions,” Lee said. “I think that's the process by which the market is recovering.”

Bitcoin prices have soared about 75% since the start of the year, rising on expectations that the U.S. Federal Reserve will start cutting interest rates this year.

“We know there's a lot of pent-up demand,” Lee said. “Capital investment is increasing, ISM [international securities markets] It's on the rise, with $6 trillion in cash stockpiled, and people have been cautious for more than two years. ”

However, some Bitcoin and crypto market analysts downplay the long-term impact the Federal Reserve will have on Bitcoin prices.

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“Federal Reserve policy may induce short-term volatility, but it won’t fundamentally change Bitcoin’s long-term trajectory,” said Leena, a researcher at Bitcoin and crypto investment firm 21Shares.・Mr. Eldeeb stated in an email comment. “Bitcoin therefore currently occupies a unique position as a risk-on and risk-off asset, navigating unique market dynamics.”

This year's rise in Bitcoin prices has been fueled by a new wave of spot Bitcoin exchange-traded funds (ETFs) on Wall Street, as more investors who view crypto exchanges as risky enter the Bitcoin market. Became.

Last month, a major leak by a Wall Street bank suggested that brokers may soon be allowed to recommend spot Bitcoin ETFs to their customers.