Crypto

Crypto Market Analysis

Crypto Market Analysis | 16 May 2024

Crypto Market Analysis

BTC had a massive green day on May 15, registering the highest one-day gains after almost two months. The spike was primarily due to the US CPI data that showed that inflation eased slightly in April, fueling investor expectations that a Fed interest rate cut might come in earlier than expected.

One of the biggest gainers in the top 100 remained Fantom’s FTM as the layer 1 blockchain’s Sonic upgrade came closer to their claims to improve their transaction speeds by a factor of 10. The network will remain an EVM-compatible chain, competing with the likes of AVAX.

On the other hand, the world’s second-largest asset manager Vanguard is set to change its CEO and the new incumbent Salim Ramji earlier led BlackRock’s ETF business. Experts believe the new CEO could eventually lead to the company offering Bitcoin ETFs.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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