- While oil prices and the U.S.-Iran war continue to weigh on markets, traders are now watching for the PCE report due Friday morning for clues on how the March 18 rate cut meeting may shape up.
- Solana led gains among crypto majors, rising more than 5%, while Dogecoin and Cardano each gained roughly 4.5%.
- The broader cryptocurrency market rose about 2.6%, pushing total market capitalization above $2.5 trillion.
Solana (SOL) and Dogecoin (DOGE) outperformed Bitcoin (BTC) as it climbed to over $71,000 on Friday morning ahead of January’s personal consumption expenditures price index due later in the day. Surging oil prices and the U.S.-Iran war continue to weigh on retail sentiment.
Bitcoin’s price rose 2.9% in the last 24 hours to around $71,400, marking the second time this month that BTC has tried to climb above $72,000. On Stocktwits, retail sentiment around the apex cryptocurrency continued to trend in ‘neutral’ territory over the past day, with chatter at ‘low’ levels.
Meanwhile, Solana’s price rose over 5% in the last 24 hours to nearly $90, leading gains among crypto majors. It was followed by meme token Dogecoin and Cardano (ADA), which rose around 4.5% each. Dogecoin’s price traded at around $0.096 on Thursday night, while Cardano’s price was around $0.27.
While retail sentiment around Solana and Cardano remained in ‘bearish’ territory over the past day, Dogecoin saw retail sentiment improve to ‘neutral’ from the ‘bearish’ zone over the past day.
Inflation Data Clues On Interest Rate Cuts
Traders are awaiting the January personal consumption expenditures price (PCE) index reading for clues on how the preferred inflation gauge of the Federal Reserve may shape the Federal Open Market Committee (FOMC) meeting on rate cuts, later this month.
Economists estimate that headline PCE will rise 0.3% month over month and 2.9% year over year. The estimate for core PCE, which excludes energy and food prices, is expected to have risen 0.4% for the month and 3.1% year over year.
The overall cryptocurrency market rose 2.6% in the last 24 hours to cross $2.5 trillion. Data from CoinGlass showed around $250 million in liquidations in that time, with more shorts being wiped out than long bets.
Read also: Bitcoin $70K Floor Under Threat – Bitfinex Warns $120 Oil Spike Could Trigger Hawkish Fed Pivot
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