Cryptocurrency Market Update: Steady Gains Amidst Economic Uncertainty
The dollar strengthened on Tuesday, on track for its second consecutive daily gain, as retail sales data came in stronger than anticipated. However, the figures were still soft enough to maintain expectations for an interest rate cut from the Federal Reserve later this year.
The U.S. retail sales were unchanged in June, exceeding economists’ expectations for a 0.3% decline. A drop in car dealership sales was offset by strength in other sectors, indicating consumer resilience and boosting economic growth prospects for the second quarter.
Cryptocurrencies See Modest Gains
Cryptocurrencies rose modestly following a rally in the previous session.
* Bitcoin gained 1.58% to $64,780.28.
* Ethereum increased 0.83% to $3463.60.
The gains were attributed to a combination of factors including:
* A recent rally in the previous session.
* A rise in shares of companies that could benefit from a Trump presidency following an assassination attempt on the Republican candidate, which boosted expectations of his victory in the November election.
While the economic outlook remains uncertain, the resilience of the U.S. consumer and expectations for interest rate cuts from the Fed are positive signals for the cryptocurrency market.
This is a developing story. We will continue to monitor the situation and provide updates as they become available.
