Crypto Market Updates and Insights from First Mover Newsletter

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Latest Prices

Bitcoin maintained its position above $61,000, showing a lack of clear direction as investors awaited the release of the Federal Reserve’s preferred inflation measure, the core Personal Consumption Expenditures (PCE) data. Economists anticipate the PCE to reveal a slowdown in the annualized inflation rate to 2.6% in May from 2.8%, still exceeding the Fed’s 2% target. Analysts suggest that a lower-than-expected figure could indicate a prolonged decrease in inflation, potentially benefiting cryptocurrencies in the upcoming months.

Top Stories

• Solana’s SOL Token Outperforms Ethereum’s ETH Token: This week, Solana’s SOL token surpassed Ethereum’s ETH token performance following VanEck’s filing of an S-1 registration statement for its VanEck Solana Trust. VanEck’s head of digital assets research considers SOL as a commodity rather than a security, emphasizing its similarity to digital commodities like bitcoin and ETH. While SOL lacks CME futures crucial for ETF approval, the SOL/ETH ratio has shown a bullish trend, increasing by 12% this week.
• Blockchain Bettors’ Skepticism on President Biden’s Performance: In the first debate of the 2024 presidential election, blockchain bettors expressed doubt regarding President Joe Biden’s performance, leading to higher odds for former President Donald Trump’s victory in November. The betting contract for the election outcome carries significant stakes, with analysts speculating that a Trump win could bring about more favorable regulatory conditions for the crypto industry, encouraging innovation and investment.

Chart of the Day

– Omkar Godbole