[Bitop Review] Bitcoin Dipped Below $63,000, Ethereum Hit $3,400. This Week’s Potential Volatility: US May PCE, First Presidential Election Debate.

Bitcoin has been trading in a narrow range around $64,000 for the past two days. It dipped below $63,000 this morning, hitting its lowest level since mid-May. As of writing, Bitcoin is trading at $63,267, down 1.86% in the past 24 hours and 4.73% in the past week. Investors are watching to see if Bitcoin will continue to fall below $60,000.

Ethereum is following a similar trend to Bitcoin. It dipped below $3,500 this morning, hitting its lowest level since early May. As of writing, Ethereum is trading at $3,424, down 2.46% in the past 24 hours and 5.01% in the past week.

$86 million Position Got Liquidated in Past 24 Hours

According to Coinglass data, the total liquidation exceeded $86.48 million (long positions accounted for US$77.89million), and about 44,000 people were liquidated.

Key Events and Potential Volatility This Week:

US Core PCE Price Index Report

The US Commerce Department will release its latest personal consumption expenditures (PCE) price index on Friday. This is a key indicator for the Federal Reserve in measuring inflation. Analysts expect that the core PCE year-over-year rate will slow to 2.6% in May and the month-over-month rate will slow to 0.1% from 0.2%.

Most economists expect that US inflation has peaked after heating up in the first quarter, as evidenced by the deceleration in both the Consumer Price Index (CPI) and Producer Price Index (PPI) in May. The main reason for this is the decline in gasoline and other commodity prices, which has partially offset the impact of rising housing rental costs.

Fed Officials’ Speeches

Several Federal Reserve officials will be speaking this week, including Fed Governors Lisa Cook and Michelle Bowman, as well as San Francisco Fed President Mary Daly, who is a voting member of the Federal Open Market Committee (FOMC) this year.

Last week, New York Fed President John Williams and Richmond Fed President Thomas Barkin both said that while progress has been made in cooling inflation, the decision to cut rates will depend on economic data. Barkin also said that he would not consider changing rates until inflation is on a sustained path to the Fed’s 2% target.

US Presidential Debate

The first debate of the 2024 US presidential election will take place on Thursday. Incumbent President Biden and former President Trump will face again. If the two discuss cryptocurrency issues on stage, it could potentially cause volatility in the market.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.