Best Crypto to Buy Now May 30 – JasmyCoin, Beam, Pepe
As major cryptocurrencies succumb to sell pressure in wake of the latest US Core PCE inflation data release, traders are parsing through the altcoin markets for coins with strong bullish momentum that might be the best crypto to buy now.
Bitcoin (BTC) fell back to $67,000 on Friday, dropping 1.5% in the past 24 hours as per CoinMarketCap.
Most other major cryptos were flat to trading slightly negative, with sentiment dampened as US equities drop.
The drop in US equities comes despite the latest US inflation figures sending a reassuring message that disinflation continues.
Core PCE came in at 0.2% MoM in April, as expected, down from 0.3% in March. A full year of 0.2% monthly prints would see Core PCE just above 2.0% and basically back to the Fed’s inflation goal.
The data was thus interpreted by economists as bolstering the case for Fed interest rate cuts later this year.
#FOMC members, 'Start your rate-cutting engines!'
US Market-based PCE Core #inflation (inflation based on actual transactions) fell to 2.5% in April.
This is the lowest level in three years! pic.twitter.com/ap2RlqeRUV
— jeroen blokland (@jsblokland) May 31, 2024
Markets currently price a slightly more than 50% chance that the first-rate cut comes before September.
That’s according to the CME Fed Watch tool which monitors how US interest rate futures markets are priced.
Bitcoin is back to trading close to its 21DMA. If investors believe the latest dip back from recent highs above $70,000 is temporary, this could be a good time to buy.
Most analysts think Bitcoin remains somewhere in the middle of its current bullish cycle.
Rate cuts are coming. The halving just took place in April. Politics is also a headwind as pro-crypto forces in the US seemingly gain the
Read more on cryptonews.com
