Analysis: US consumer spending weakens, bearish sign for crypto market
CryptoNewsTerminal Staff08 Aug, 2024
Analysis: US consumer spending weakens, bearish sign for crypto market
US consumer spending weakens, bearish sign for crypto market According to research from crypto market analysis firm 10x Research founder Markus Thielen, “The US Federal Reserve reported that total revolving credit grew by $8.9 billion in June. Similarly, the amount of credit card debt is at its highest level since Q1 2012. This could be a huge sign that US consumers are starting to reach a breaking point, which could be a very bearish sign for the crypto market, as it could mean less money flowing into these [crypto] markets.” This news is significant because it suggests that the US economy may be slowing down, which could lead to a decrease in consumer spending. This, in turn, could lead to a decrease in demand for cryptocurrencies, as consumers may have less money to invest in these assets. It is important to note that this is just one data point, and it is too early to say for sure whether or not the US economy is slowing down. However, this news is certainly something to keep an eye on, as it could have implications for the crypto market. ```
