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Recently, the CME FedWatch Tool indicated a 50.2% probability of the Fed maintaining its current stance in September. This news had a notable effect on the US-BTC-spot ETF market, with net inflows decreasing but still supporting BTC at its current price levels.
Upcoming data releases, such as the US consumer confidence numbers and the Personal Income and Outlays Report, have the potential to sway market sentiment regarding the Fed rate path. A positive uptick in consumer confidence, along with strong personal income/spending figures, could deter expectations of a September Fed rate cut.
Despite these key economic indicators, market sentiment towards the Fed rate path seems to be overshadowing political endorsements. Even with Donald Trump’s support for the crypto market, the focus remains on the Federal Reserve’s policies.
In other news, ethereum (ETH) experienced a noteworthy gain of 24.59% in a single week, closing at $3,826. This surge can be attributed to progress towards establishing a US ETH-spot ETF market, sparking increased buyer demand for ETH.
For a more in-depth analysis, be sure to check out our technical analysis and Bitcoin analysis sections. BTC’s position above the 50-day and 200-day EMAs is sending bullish signals, making it an area of interest for traders and investors alike.
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