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The April Consumer Price Index bodes well for risky assets, with US stocks and cryptocurrencies rallying in the aftermath.
The YoY headline CPI data came in at 3.4%, exactly in line with market forecasts. The MoM headline figure even outperformed the 0.4% estimate, finishing 0.1% lower.
Furthermore, the core CPI data has cooled down for the first time in six months.
Investors responded to the optimistic CPI by taking long bets in stocks and cryptocurrencies, since the possibility of interest rate reduction this year has increased, as per Cryptodaily.
CPI Report Bolsters Cryptocurrency Market Amid Rising Expectations for Fed Rate Decreases
Today's CPI report has tremendous implications for cryptocurrency pricing. It is vital to note that negative macroeconomic data halted the first quarter crypto bull run.
Fed Chair Jerome Powell took a dovish position in his most recent post-FOMC address, which boosted cryptocurrency prices. However, the market likely required additional confirmation of declining macroeconomic concerns, which today's CPI statistics give.
As previously said, the possibility of interest rate decreases this year, which appeared grim a few weeks ago, has now significantly increased. The CME FedWatch now predicts two rate decreases in 2024, one in September and the other in December.
Bitcoin is currently trading at $64,400, up 4% today. AI currencies have been the most spectacular, with the AI crypto market value up 6% today.
Tokens like Render, Near Protocol, and The Graph are up 8%, while Bittensor is up 13%.
Analyst Daan Crypto Trades indicates that the reason for AI outperformance could be that they were aggressively shorted prior to today's CPI. However, the AI industry is largely projected to be the most bullish domain during current bull market.
Experts predict that large-cap AI cryptocurrencies would outperform all other sectors, while new AI coins may yield 100x returns.
WienerAI ($WAI) Draws Investor Attention with Promising 100x Profit Potential
The excitement surrounding new meme coins has prompted investors to focus on WienerAI ($WAI), a new AI-powered meme coin that experts predict will generate 100x profits.
Meme coins are most likely the only cryptocurrencies that can outperform AI coins. Given that $WAI is at the intersection of two of the most popular narratives, the grandiose 100x price projection may not be too farfetched.
The new token is off to a fantastic start in its presale, having raised over $1.8 million in the first three weeks.
Investors are drawn not only to WienerAI's unique mascot, which is a cross between a sausage, a dog, and an AI hybrid, but also to its cutting-edge functionality.
The WienerAI trading bot is unlike any other companion. It is intended to answer all trading-related queries while facilitating frictionless swaps and offering MEV protection.
The meme currency also has its own staking algorithm, which currently provides a reward rate of more than 500%.
Interested customers can purchase $WAI through the WienerAI website's over-the-counter widget.
Photo: Microsoft Bing
