The cryptocurrency market eagerly awaited the release of two significant macroeconomic data from the United States: PPI and Unemployment Claims. During this period, many cryptocurrencies, especially Bitcoin, exhibited volatile movements. What can we expect in the markets following the release of this data? We analyze the situation with the newly released data.
Two Important Data Points Released in the US
Two significant data points that have been occupying the agenda and closely followed by investors in the United States were released. The PPI data was announced as 2.2%, which was below expectations and pleased investors. This development could initiate a positive trend for the data recorded at 2.2% in the previous month.
The US Unemployment Claims data was also shared with the public at the same time. The data was announced as 242K, exceeding the expected 225K, which could lead to a negative trend. Last month, this data was announced as 229K. Following the release of the data, Bitcoin was trading at $68,851, while Ethereum was trading at $3,512 at the time of writing.
