Daily Market Brief

May 15, 2024

Daily Market Brief 240515

Peter Chung
Min Jung
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  • $BTC fell from $63k to $61.5k during early European hours without any specific headline. The market experienced choppy price action following Powell’s comments and the PPI data release. $BTC is currently trading at $61,569.

  • Yesterday, the PPI came in at 0.5%, higher than the estimated 0.2%. The core PPI showed a 0.4% increase, marking the highest level since April 2023. However, Powell noted that the report was quite mixed and included backward revisions.

  • All eyes are on the CPI data release tonight. The median forecast for the headline CPI is 3.4%, while the core CPI is at 3.6%.

  • With $GME up 59%, memecoins again outperformed the market. The top three gainers were $ABT, $PEPE, and $FLOKI, while the top three losers were $TRUMP, $WLD, and $RNDR.

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Peter ChungHead of Research
Min JungResearch Analyst