5 cryptocurrencies that could benefit from a positive CPI report

Bitcoin (BTC) has finally breached the $17,000 mark after reaching $17,375 on January 12. Both bulls and bears are eyeing the Consumer Price Index (CPI) due on January 12th. If the print shows that inflation is cooling. , riskier assets may rise, but a negative surprise may attract strong selling.

While some believe a macro bottom may be forming in Bitcoin, others are skeptical. They draw parallels between the current bear market and the bursting of the dot-com bubble. The United States Federal Reserve stopped raising rates in May 2000, but the Nasdaq did not fall for another two years. If the same scenario plays out in cryptocurrencies, then the next bull run may not start in a hurry.

A daily view of cryptocurrency market data. Source: Coin 360

However, one positive for the future of the cryptocurrency industry is that legacy financial companies continue to show interest in the space. Jez Mohideen, co-founder and CEO of Laser Digital, believes that the arrival of traditional companies can help regulate the cryptocurrency sector.

Are Charts Pointing To A Rally In Bitcoin? What other altcoins are showing a positive chart structure? Let’s find out.