Bitcoin and the cryptocurrency market, which also monitors data such as the US core producer price index (PPI), was just released. According to the announced figures, the data came out as follows: announced: 2.0%, expectation: 1.6%, previous: 1.8%. Looking at the incoming data, it appears that expectations have been exceeded. This situation could present a negative outlook for risk markets.
Bitcoin and Cryptocurrencies After PPI Figures
Following the announced data, looking at Bitcoin and other cryptocurrencies, we see that Bitcoin is trading at the $52,280 level. The BTC price experienced a drop to the $51,314 level within a 24-hour period. It then recovered. After the data, we see that the BTC price was not significantly affected. The BTC price was $52,228 while writing this article.
The data, in particular, supports the Federal Reserve’s decision not to cut interest rates this year. A further decrease in annual figures could pave the way for cryptocurrencies. We can say that this situation may reflect more gains in the coming days. Looking at the Ethereum price after the data, ETH, which rose above $2,800 for the first time in 21 months yesterday, is trading at $2,842.
The increase in the PPI from the previous figure of 1.8% will be considered by Federal Reserve members when making interest rate decisions. The figure coming in above expectations could likely postpone the steps the Federal Reserve might take towards interest rate reductions.
