Best Crypto to Buy Today 28th February – FGHT, XEM, CCHG, SNX, METRO, AGIX, TARO
The latest report from the Conference Board shows that consumer confidence in the US has fallen for the second consecutive month in February, with households becoming increasingly pessimistic about the future. According to the index, the Expectations Index has dropped to 69.7, indicating a high likelihood of a recession within 12 months.
Despite this, Bitcoin is up slightly for the day, hovering above $23,500 after touching a low of $23,214 earlier in the day. Ethereum is also up for the day, and is above the $1,600 mark after a dip earlier in the day following an unsuccessful attempt to surpass the weekly resistance level of $1,670. If ETH bulls break through the RSI 53, there is a good possibility that the price could reach or exceed $1,700.
The Present Situation Index, a measure of current economic conditions, still experienced marginal growth this month. However, the expectations index dropped to 69.7 from its already downward revised value of 76.0 in January--well under 80, which is often associated with an impending recession within the next year.
Meanwhile, the Consumer Confidence Index has declined in February as well and stands at 102.9 (1985=100), down from 106.0 reported in January.
“The decrease reflected large drops in confidence for households aged 35 to 54 and for households earning $35,000 or more,” noted Ataman Ozyildirim, senior director, economics at the Conference Board. “Expectations for where jobs, incomes, and business conditions are headed over the next six months all fell sharply in February."
The consumer confidence report shows a mixed impact on inflation expectations, with fewer consumers willing to spend money on high-priced items like homes or autos--but so far, this hesitancy has not translated
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