↑ Crypto Market Sensitive to Macroeconomic Data, Highlights DATA Coin

The recent news in the crypto industry underscores the dynamic interaction between cryptocurrencies and macroeconomic indicators. The relationship between Bitcoin and the macroeconomic data, particularly U.S. economic data, job data, and Consumer Price Index (CPI) data, suggests a noticeable correlation. With a dip in Bitcoin's price due to disappointing U.S. job data, the crypto market's responsiveness to macroeconomic indicators has become evident. Furthermore, highlighted reports of AI token market caps slumping heavily and a massive outflow from crypto products due to strong U.S economic data suggests market sentiment is swayed disproportionately by external economic conditions.

A consistent theme that prevails is innocent scrutiny on data privacy and misuse of biometric data within blockchain-based applications. Telegram’s data sharing policy and Worldcoin's illegal data collection trouble in South Korea, Colombia and Spain exemplify this challenge. Another intriguing aspect disclosed is the beneficial impact of Bitcoin mining on power grids, counteracting the strain caused by AI data centers.

Whale activity is significant, with Large Bitcoin holders adding $5.4B in BTC in July. However, Stablecoin expansion appears to stall ahead of U.S. inflation data. One particular report proposes a possible bullish run for Ethereum in the short term, with data suggesting a rally to the $3.2K level.

In somewhat negative cryptocurrency news, a data breach incident occurred in CoinGecko in June 2024, and Bitcoin Miner Northern Data faces a whistleblower suit by ex-employees. Despite these hurdles, there is unyielding optimism amidst crypto enthusiasts, with predictions of a parabolic Bitcoin rally in Q4, based on previous pricing data.

DATA Coin News Analytics from Thu, 29 Feb 2024 08:00:00 GMT to Wed, 09 Oct 2024 21:50:29 GMT - Rating 6 - Innovation 8 - Information 7 - Rumor 4