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PDAXScope: Bitcoin climbs back to 70K in response to US inflation

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April 12, 2024

4 min read

PDAXScope Crypto News

Crypto news

Bitcoin rebounds to $70K, shrugging off US inflation print

On Wednesday, Bitcoin (BTC) rebounded to $70,000 after initially dropping in response to the unexpected increase in U.S. inflation data for March. During the early hours in the United States, BTC experienced a brief decline of almost 4%, reaching $67,500, following the release of a government report revealing a faster-than-expected rise in the Consumer Price Index. This led investors to adjust their expectations for potential rate cuts throughout the year.

Former Ethereum adviser to sue US government over dropped extortion charges

Steven Nerayoff, an early advisor to the Ethereum network, has submitted a notice indicating his intention to take legal action against the US government for $9.6 billion in damages stemming from his 2019 arrest on criminal extortion charges, which his legal team has labeled as "fabricated" and "without merit." Nerayoff's initiation of the Federal Tort Claims Act process, as disclosed by his attorneys to CoinDesk, marks the initial step in pursuing legal recourse against the Department of Justice.

Global news

Wall St ends sharply lower as sticky inflation dims rate cut hopes

U.S. stocks closed lower on Wednesday following the release of inflation data that surpassed expectations, dampening hopes of an early interest rate cut by the Federal Reserve, possibly as soon as June. At the opening bell, all three major U.S. stock indexes experienced significant declines after the Labor Department's Consumer Price Index (CPI) report exceeded consensus estimates. This report served as a reminder that the path toward inflation returning to the Fed's target of 2% will likely be lengthy and uncertain.

ADB forecasts Developing Asia growth at 4.9% in 2024, says risks persist

The Asian Development Bank (ADB) announced on Thursday that it anticipates a slightly improved growth outlook for Developing Asia this year compared to previous projections. This upward revision is attributed to robust domestic demand across several economies, which counterbalances the deceleration in China driven by the property sector. The ADB has adjusted its 2024 growth forecast for Developing Asia from 4.8% to 4.9%, underscoring ongoing challenges such as escalating geopolitical tensions, particularly in the Middle East. These tensions have the potential to disrupt supply chains and trigger inflationary pressures, as cautioned by the ADB.

Local news

Analysts see room for rate cut delay

Analysts suggest that the Bangko Sentral ng Pilipinas (BSP) has the flexibility to postpone monetary easing, citing the resilience of the Philippine economy to endure sustained higher interest rates. Diwa C. Guinigundo, a country analyst at GlobalSource, emphasized that the economy remains robust even with the BSP's current policy rate set at 6.5%. Guinigundo highlighted the importance of banks reducing pro-cyclical lending activities to mitigate the convergence of business and financial cycles, as well as to temper credit and economic growth.

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