Bitcoin was trading above $61,000 in America, with no clear direction before the release of the Federal Reserve’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE) report. Economists predict that the PCE report will show a slowdown in the annualized inflation rate to 2.6% in May from 2.8%. Even though this would be the lowest reading in over two years, it is still above the Fed’s 2% target. Valentin Fournier, a digital assets analyst at advisory firm brn, mentioned that if the figure is lower than expected, it could indicate a further decline in inflation and potentially boost cryptocurrencies in the upcoming months.
Solana’s SOL token has been performing better than Ethereum’s ETH token this week after investment management firm VanEck filed an S-1 registration statement for its VanEck Solana Trust. VanEck’s head of digital assets research, Matthew Sigel, believes that SOL functions similarly to digital commodities like bitcoin and ETH. The consensus among experts is that CME futures are necessary for ETF approval, which SOL currently lacks. On the other hand, ether futures have been trading on the CME for a while, and spot ether ETFs are expected to start trading in the U.S. in July. Currently, the SOL/ETH ratio seems to be trending higher, with a 12% increase this week.
In the world of blockchain betting, there is skepticism about President Joe Biden’s performance in the first debate of the 2024 presidential election. This has led to former President Donald Trump’s odds of winning the November vote increasing to as high as 67%. A contract predicting the election outcome has nearly $188 million at stake, with around $23 million on Trump and $21 million on Biden. Analysts at Bitfinex suggest that a Trump victory could mean more favorable regulatory conditions for the crypto industry, potentially leading to increased adoption and growth in the sector.
According to Google Trends, the search value for the term “NVDA” over the past five years is nearing its peak value of 100. A score of 100 indicates peak popularity for the search query. This tool can be useful for gauging general investors’ interest in trending topics, as they are often driven by emotions and tend to enter and exit markets at the wrong times. This could mean that NVDA and other AI-related assets may have reached their peak for the time being.
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