Stablecoin Expansion Stalls Ahead of U.S. Inflation Data
Summary
Stablecoin expansion halted after Bitcoin's mining reward halving. Market value of top stablecoins fluctuating around $149-150 billion. 10x Research suggests bearish implications for the market. Bitcoin and Ether may correct to $55,000 and $2,500, respectively. Slowdown in stablecoin expansion coincides with ETF inflow slowdown. Potential softer U.S. CPI print may lift Bitcoin above $65,000. Consensus expects 3.4% increase in CPI, which may raise hopes for Fed rate cuts and spur inflows into risk assets, including cryptocurrencies. China's plans to inject liquidity into the system could also support cryptocurrency markets.
