Bitcoin (BTC) Price Surges to $110K on Dovish CPI Print and US-China Trade Deal

Crypto markets surged on Wednesday, buoyed by a dovish CPI print and US President Donald Trump’s confirmation of a long-awaited US-China trade deal.

Crypto markets exhibited a surge on Wednesday, following a dovish CPI print and US President Donald Trump’s confirmation of a long-awaited US-China trade deal. The Bitcoin price touched $110,000 briefly, encountering resistance at this key level. However, altcoins displayed even more strength, with the Ethereum price breaking through the $2750 barrier and spiking to $2880, later pulling back slightly.

Solana meme coins continued to dominate, notably SPX6900 and Fartcoin among the top performers. Furthermore, utility coins like Hyperliquid, Virtuals Protocol, and Arbitrum showcased substantial bullish momentum.

The risk-on mood returned decisively, highlighting twin tailwinds of cooling inflation and reduced US-China trade tensions.

Trump Opines On Fed As CPI Data Comes In Cooler Than Expected

The US Consumer Price Index came in cooler than anticipated on Wednesday—a factor likely to be welcomed by the Fed.

The headline CPI figure reached 2.4%, lower than the 2.5% market consensus. Core CPI, excluding food and energy prices, increased by 2.8% annually, falling short of forecasts for a 2.9% reading.

🇺🇸 Morning Economic Data:*CPI MoM: Beat 🟢*CPI YoY: Beat 🟢*Core CPI MoM: Beat 🟢*Core CPI YoY: Beat 🟢Dovish CPI print. $SPY $QQQ

— Benzinga (@Benzinga) June 15, 2024

President Trump quickly took credit for the positive CPI print while criticizing the Federal Reserve, especially Chair Jerome Powell, for keeping the Federal target rate unchanged.

“The Consumer Price Index, a key inflation measure, rose 2.4% year-over-year in April, the government said Wednesday. Economists polled by Dow Jones had been expecting a reading of 2.5%. The core CPI, which excludes volatile food and energy prices, increased by 2.8% annually, less than the 2.9% reading that was forecast.,” reports Benzinga.

The administration officials also stated that the U.S. would continue to permit the entry of Chinese students into the country's institutions of higher learning.

Nevertheless, the crypto market is interpreting Trump's words and actions optimistically. The Bitcoin price surged to $110,000 before pulling back to retest $108k, while the altcoins are performing even better. Several crypto assets are sitting at key resistance levels, which could result in a broader market breakout.

Best Coins To Invest In Now

The crypto market is showing signs of a brewing “altseason”. The ETHBTC trading pair has broken out of a symmetrical triangle.

#ETH / BTC…Don’t say anything 🤫https://t.go/O7MWCjxAa2pic.twitter.com/uw0cKvRUTs

— Bitoptics (@Bitoptics) June 14, 2024

The Ethereum price has also breached the $2750 resistance, now trading at $2760 at press time.

Several coins from the Ethereum ecosystem, including the Virtuals Protocol, Polygon, Arbitrum and Ethereum Name Service, are now among the best altcoins to buy now.

Solana meme coins continue to be among the top performers, with Fartcoin and SPX6900 leading the charge. The bull market euphoria is taking hold once again, providing the perfect backdrop for new meme coin launches. For instance, prominent influencers are calling Solaxy (SOLX), a new Solana meme coin launching next week, the next 100x crypto.

The SOLX presale has already raised above $47.5 million in a short order, thanks to a plethora of six-figure investments from whales. With the presale ending on June 16th, heavy FOMO buying is ongoing, and the $50 million target is achievable.

Besides being a meme coin, Solaxy is also the first prominent Solana layer-2 scaling solution, powered by ZK rollups, a Hyperlane-powered multi-chain bridge and a deterministic sequencer.

The project is also launching a competitor to Pump.Fun, called the Igniter Protocol. SOLX holders will now be able to launch their meme coins on the cutting-edge Solaxy DEX.

The Solaxy Testnet is already live, and the chain will become fully operational in June. Sidelined investors now have less than 5 days to buy SOLX early and not leave attractive gains on the table.