Inflation has cooled, U.S. stocks have soared across the board, and the currency circle is looking forward to the first approval window for Bitcoin spot ETFs

The United States reported yesterday that CPI was flat in October, while economists expected a quarterly increase of 0.1%. U.S. stocks soared across the board and 10-year Treasury yields fell. Bitcoin and Ethereum edged lower as the market awaits the U.S. Securities and Exchange Commission’s (SEC) next-term direction on Bitcoin spot ETFs in the near future.

US inflation data cools

The U.S. Department of Labor announced the Consumer Price Index (CPI) for October yesterday, with the annual growth rate falling to 3.2% from 3.7% in September, the lowest since July. Annual core CPI growth fell to 4% from 4.1%, also below market expectations. The quarterly growth rate is 0. Coupled with the recent decline in oil prices, investors' expectations for inflation to cool have once again increased.

According to CME FedWatch data, investors expect the Federal Reserve to keep interest rates unchanged at the December 13 interest rate decision meeting (the probability is as high as 99.8%), and there is a chance to start a rate cut cycle in May next year.

In terms of geopolitics, US President Biden and Chinese President Xi Jinping will hold their first meeting in about a year in San Francisco.

Bitcoin spot ETF will have first approval window

Bloomberg ETF analyst James Seyffart once again issued a reminder:

We are approaching application deadlines for 3 Bitcoin spot ETFs. There’s a good chance we’ll see a delay order from the SEC. But this does not change our view, we estimate a 90% chance of approval by January 10, 2024!

Okay, we're nearing in on deadline dates for 3 spot#BitcoinETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024 pic.twitter.com/LE7sOlHAHM

— James Seyffart (@JSeyff) November 14, 2023

(Bitcoin spot ETF update: 11/17 is the first opportunity, and the chance of approval before January next year is as high as 90%)

This article Inflation cools, U.S. stocks soar across the board, and the currency circle looks forward to the first approval window for Bitcoin spot ETF first appeared on Chain News ABMedia.