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On January 11, 2024, US consumer inflation came in above expectations, turning attention to the producer inflation data set to be announced at 16:30 Turkey time on January 12, 2024. The US Producer Price Index (PPI) and Core Producer Price Index (Core PPI) have just been released.
US Producer Inflation Data Released
With yesterday’s consumer inflation exceeding expectations, eyes were on today’s producer price index. The data announced today could be an important indicator for the Federal Reserve’s (FED) interest rate decisions, which are planned to be reduced by mid-2024. Markets were focused on US consumer inflation data regarding the FED’s imminent interest rate decision.
The US Producer Price Index (PPI) and Core Producer Price Index (Core PPI) were announced a short while ago. The annual Core PPI and annual PPI data came in below expectations.
Reported PPI: 1% (Expectation: 1.3% Previous: 0.8%)
Core PPI Reported: 1.8% (Expectation: 1.9% Previous: 2%)
Current Status of Cryptocurrencies
Following the launch of spot Bitcoin ETFs yesterday, the market saw noticeable activity and consecutive records were broken. Grayscale’s ETF broke the record for first-day trading and made history.
The price of Bitcoin surged to the $49,000 level following the start of trading and then fell below $46,000 during the moments everyone was expecting it to hit $50,000 due to a large sell-off.
In the last 24 hours, Bitcoin has seen a 1% decrease in price and is trading at $45,848 at the time of writing. The announced PPI data did not affect the price of Bitcoin, further demonstrating that the impact of economic data on prices is diminishing.
In the last hour, the most notable cryptocurrency was FTX’s troubled token FTT, which saw a 2% increase. At the time of writing, the price of FTT was $3.16. Over the past 24 hours, the altcoin has seen a 14% increase in value.
