Key Points
- Bitcoin continues price consolidation around $95K ahead of U.S. Jobs report, influenced by U.S. inflation data.
- Ripple’s bid to acquire Circle for $5 billion was rejected, while Solana and Ethena Labs make significant adoption moves.
Bitcoin, or BTC, has been consolidating its price within the $92K-$95K range. This follows the release of U.S. inflation data that was considered ‘cool’.
The Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditure (PCE) Index, the Fed’s preferred inflation indicator, eased to 2.3% annually in March.
Market Focus on Jobs Report
The Core PCE Index, which excludes volatile energy and food prices, rose 2.6% over the same period, aligning with analysts’ expectations. With no significant inflation, the market is now focusing on the Jobs report due on the 2nd of May. This report will evaluate the labor market.
A weak job report could increase the chances of a Fed rate cut and boost risk-on sentiment, including for BTC and other cryptocurrencies.
Ripple’s Rejected Offer and Other Adoption Moves
In other news, Ripple’s attempt to acquire stablecoin issuer Circle has been making headlines. The proposed buyout was valued between $4 billion and $5 billion. However, Circle reportedly rejected the offer as too low.
Solana and Ethena Labs have also been making significant adoption moves. Solana has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) that could bring U.S. stocks on-chain and increase access for non-U.S. investors.
Ethena Labs has partnered with Telegram to allow the messaging app’s billion users access to yield-bearing stablecoins (USDe). Starting in May, it will enable Telegram Wallet users to stake USDT or USDe and earn rewards.
