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As eyes were on US economic data today, March 14, 2024, at 15:30 Turkey time, attention shifted to producer inflation figures. The US Producer Price Index (PPI) and Core Retail Sales data were just released.
US Producer Inflation Figures Announced
While it becomes increasingly unclear when the FED will cut interest rates, the data released today on March 14 could be a significant indicator for the process. Speculation continues on how the FED will act in the coming period.
The US Producer Price Index (PPI) and Core Retail Sales data were announced a few moments ago. The PPI was higher than expected, while Core Retail Sales data fell below expectations.
PPI Announced: 1.6% (Expectation: 1.1% Previous: 1%)
Core Retail Sales Announced: 0.6% (Expectation: 0.8% Previous: -1.1%)
Current State of Cryptocurrencies
Following the introduction of ETFs in the previous period, Bitcoin‘s price surge continued at full speed. As of March, Bitcoin entered a steep ascent, surpassing the $73,000 mark and refreshing its ATH.
Following the announcement, the Bitcoin price fell from the $73,000 level and is currently trading at $72,700. Earlier today, Bitcoin had revisited the ATH level above $73,500.
There is already speculation in economic circles about where the US data could drive the price. With hours left until the US markets open, whether the recent drop in BTC is temporary or permanent will become clear in the coming minutes.
