Bitcoin is hovering around the $104,000 mark today, but could slip back to $100,000 in the face of negative U.S. inflation and jobs data, according to analysis from Japanese exchange BitBank.
“With Trump’s inauguration festivity behind, the crypto market is shifting focus to U.S. inflation data today and [the] jobs report next week,” explains BitBank market analyst Yuya Hasegawa.
While inflation did ease modestly in December, Hasegawa notes that it has been “sticky” in recent months and that the incoming “economic data may not favor Bitcoin.”
Something similar may apply to Ethereum, although the latter has outperformed Bitcoin today after the SEC’s approval of Bitwise’s BTC ($105,672.80)–ETH ($3,404.53) exchange-traded fund.
This news also comes as net inflow for existing Ethereum ETFs turns positive after several days of outflows, with funds adding ETH worth $67.8 million to their books, according to CoinGlass data.
Yet if today brings downbeat inflation figures, this would indicate that the Federal Reserve may stick to its current insist…
