By ForexTime
Major US stock indices hit fresh record highs, while the US dollar saw its 2nd largest single-day decline so far this year!
Markets swung wildly as investors and traders reacted to the surprise cooling in US inflation, as measured by the consumer price index (CPI).
They also reacted to the Fed’s latest projections for fewer rate cuts this year.
The Fed’s just-released “dot plots” forecasted just one single rate cut for the year, fewer than the 3 previously forecasted back in March 2024.
However, in percentage terms, Wednesday belonged to cryptos – as expected.
We revisit our article published on Tuesday, June 11th, in which we asked the question:
“Which crypto could see the biggest moves this week?“
And here’s what we wrote:
“Of the 11 different cryptocurrencies offered by FXTM, Avalanch, Dogecoin and Solana have offered the biggest reactions to the US CPI prints and Fed decisions from the past 12 months.”
And once again, those 3 cryptos duly delivered massive moves on Wednesday, June 12th!
But they were pipped for the day’s total performance by a “dark horse” – Chainlink.
Here’s a recap of Wednesday’s full-day performance:
In terms of immediate post-CPI gains, Chainlink also managed to muscle its way into the leading pack:
Then came along the Fed’s dot plot.
Cryptos then tumbled at the thought of higher-for-longer US interest rates.
Even those downside moves were massive for these 4 cryptos:
Hence, with Chainlink’s smaller decline (in % terms), that explains why Chainlink was the biggest-gainer for Wednesday as a whole!
Those above-mentioned figures are also far superior compared to yesterday’s performance for Bitcoin – the world’s largest and most popular crypto:
Still, such big price moves may have been happy hunting grounds for traders with massive risk appetites who may have walked away with outsized profits, and perhaps a great trading story to tell as well.
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
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