Fantom (FTM) Price Rebounding Ahead of US Inflation Data
• Fantom (FTM) price rose modestly on Tuesday ahead of the upcoming US inflation data.
• The median estimate among economists is that the headline consumer price index (CPI) will decline from 6.5% in December to 6.2% in January.
• Fantom developers are working on a stablecoin known as fUSD that will power its ecosystem.
Fantom (FTM) Price Rises Ahead of Inflation Data
Fantom (FTM) price rose modestly on Tuesday as investors waited for the upcoming American consumer inflation data. It rose to a high of $0.4780, which was a few points above this week’s low $0.4138. This price is about 30% below its highest point in 2023.
US Consumer Inflation Data Expected
The main catalyst for FTM will be the upcoming American consumer inflation numbers scheduled for Tuesday. Economists expect the data to show that the country’s inflation inched downwards in January as goods prices retreated. According to Reuters, the median estimate among economists is that the headline consumer price index (CPI) declined from 6.5% in December to 6.2% in January. This will be the seventh straight months that inflation has moved downwards while Core inflation, which is an important number that excludes volatile food and energy prices, is expected to have dropped from 5.7% in December to 5.6%.
Impact on Federal Reserve and Other Assets
These inflation numbers will have an important role for Fantom and other cryptocurrency prices like Bitcoin and Ethereum as well as stocks and commodities markets by impacting Federal Reserve’s decisions regarding monetary policies . Higher-than-expected inflation numbers coming a week after US jobs numbers could mean Fed being more combative while if it softens it could lead them towards dovish stance to prevent hard landing due to inverted yield curve signaling recession could be coming soon .
Rebuilding Network & Stablecoin Launch
Fantom price is reacting positively towards news about rebuilding network after challenges faced earlier this month alongside development of stablecoin known as fUSD which was recently confirmed by Andre Cronje , influential figure in ecosystem , with intention of powering Fantom’s ecosystem .
Fantom Price Prediction
At current levels , FTM remains bullish but downside risks remain due to uncertain economic environment caused by pandemic ; however if US CPI figures come out better than expected today then FTM may be able increase gains even further depending upon how other assets react .