Cryptocurrency Faces Challenge with Latest US Economic Data
Main Idea
The latest US economic data, including lower consumer confidence and higher inflation expectations, does not favor cryptocurrencies, making a positive economic outlook for them challenging.
Key Points
1. Consumer confidence was expected to reach 62 but came in at 58, down from a previous figure of 61.7.
2. The five-year inflation expectation rose to 3.9% from the previously announced 3.4%, which negatively impacts cryptocurrencies.
3. Preliminary one-year inflation figures were announced at 3.9%, higher than the expected 3.4%.
4. Consumer confidence decreased by approximately 5% in August, reaching a 12-month low due to high prices.
5. Durable goods decreased by 14%, reflecting concerns about worsening inflation and unemployment.
Description
Recent data show a decline in consumer confidence, falling short of expectations. Long-term inflation expectations have increased, posing challenges for cryptocurrencies. Continue Reading: Cryptocurrency Faces Challenge with Latest US Economic Data The post Cryptocurrency Faces Challenge with Latest US Economic Data appeared first on COINTURK NEWS .
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