Crypto Exchange Kraken Gains Regulatory Approval in Spain Amidst a Challenging Week for Investors - Latest cryptocurrency news

Crypto Exchange Kraken Gains Regulatory Approval in Spain Amidst a Challenging Week for Investors

It’s been a challenging week for cryptocurrency investors. The events occurring this week that have triggered a decline in Bitcoin prices are being evaluated. According to the article, the price of BTC is trading at the level of $42,335, and many altcoins have pulled back to support levels.

Weekly fundamental analysis indicators are signaling a downtrend in cryptocurrencies. Data received last Friday makes the upcoming Federal Reserve (Fed) meeting even more critical.

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Investors are looking to enter the new week with less risk due to the November inflation data, new interest rate decisions, and long-term interest rate projections (dot plot) and it is noted that BTC has retreated to the $40,400 level.

The US inflation data is expected to be announced tomorrow, and the annual core Consumer Price Index (CPI) is projected to remain at 4%, with the main inflation rate staying steady at 3.2%. Additionally, the November Producer Price Index (PPI) data and the future of the dot plot and interest rate decision are indicated after Powell’s speech.

If Powell maintains a moderate stance, the inflation data turns out positive, and the three-year interest rate projections in the dot plot reflect a cut expectation, a target of $48,000 by December 31st could be reasonable. In the opposite case, BTC will likely aim for $36,000.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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