• The US published weak jobs and inflation data this month.

  • The Fed could now hike rates less times than expected.

  • A dovish tone could be a good thing for Chancer and other cryptocurrencies.

American stocks jumped to a multi-month high while the US dollar index slipped to the lowest level since April 2022 on Thursday. Similarly, US bond yields and the CBOE VIX index turned red after the US published encouraging inflation data. These numbers, coupled with last week’s soft jobs data, could have an impact on cryptocurrencies, including Chancer.

US inflation and jobs data

The US published mixed jobs numbers last week. A report by ADP showed that the American economy added over 400k jobs in June, the highest figure in years. A separate report by the statistics bureau revealed that the country’s economy added over 209k jobs during the month.  The official report was relatively soft than expected.

The US then published soft consumer inflation data on Wednesday. According to the Bureau of Labor Statistics, the headline consumer price index (CPI) dropped from 4% in May to 3.0% in June. Core inflation also continued falling during the month.

Therefore, inflation is moving near the 2% target rate and this trend could happen faster than expected. For one, global shopping costs have plummeted while China has moved close to deflation. China is a big exporter to the United States.

These numbers will have an impact on all financial assets because of their impact to the Federal Reserve. Most economists now believe that the Fed will deliver another 0.25% rate hike this month and then pause indefinitely. In a note, an analyst at Point72 said:

“What we’re seeing is consistent with the market scaling back tightening expectations for after the July meeting, but it doesn’t seem that it should be pricing in scope for rate cuts this year.

A change of tune by the Fed will be a good thing for assets like stocks and cryptocurrencies. 

Chancer token sale continues

Another big crypto news of the week is that Chancer developers introduced more ways to buy the token. In addition to BUSD, the developers added Ethereum, Tether (USDT), and Binance Coin as options to buy the token. This is an important move because it gives users diverse ways to invest in the token.

Chancer’s token presale is going on well. For one, thousands of people have already bought the token, bringing the total amount raised to over $748k. The total amount of Chancer token sold stands at over 74 million.

For starters, Chancer is a platform that seeks to disrupt the sports betting and prediction market using the blockchain technology. It is a global platform that will make it possible for people to bet on international sports using cryptocurrencies.

At the same time, Chancer will enable any member to create their own markets and livestream them using the platform’s tools. For example, a user can create a market of a local game and then let a global audience bet on it. The user will take a cut of all the amounts placed in that market.

Chancer is now selling tokens as the developers prepare to launch the testnet in the coming months. You can buy the $CHANCER token here. Also, you should read the Chancer white paper to know more about the project, Most importantly, we recommend that you excise caution when investing in Chancer and other token presales.

The post Fed rate hikes to peak as inflation cools: Implications for Chancer appeared first on CoinJournal.

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