Crypto Market News: Traders will likely be keenly trying on the consumer price index (CPI) report that’s scheduled for launch on Wednesday, July 12, 2023, because it may possible set the tone for yet one more 25 bps hike when the US Federal Reserve’s Federal Open Market Committee (FOMC) convenes between July 25 and 26. As has been seen within the lead as much as the current macroeconomic occasions within the United States, the Bitcoin price seems to be to on a standstill path already. Recently, Fed Chair Jerome Powell said that the central financial institution officers foresee at the least two extra charge hikes by the top of 2023.
Also Read: Bitcoin (BTC) Parabolic Rally To Take Post-Halving Price To $300K, Predicts Crypto Analyst
Meanwhile, the U.S. shares are following sideways motion on Tuesday, in anticipation of the inflation numbers. Following the CPI numbers launch on Wednesday, the producer worth index knowledge is ready for launch the next day.
Bitcoin To Remain Standstill In Lead Up To US CPI Report?
The CPI is a key index that measures worth modifications over a time frame. Hence, the markets will likely be taking a look at whether or not or not inflation within the United States follows the downward path. In this context, inflation traits turn into all of the extra essential for Bitcoin worth motion, contemplating BlackRock CEO Larry Fink’s current feedback suggesting Bitcoin’s standing as a global asset and a attainable hedge towards inflation.
Good Morning legends #Bitcoin is again to ranging underneath $31,000 as Asia did not reclaim that every one essential degree ????
With the CPI tomorrow, i suppose we are going to stay to vary till the information is launched for us all ????
Chart to comply with later this morning for you all ????
— Crypto Tony (@CryptoTony__) July 11, 2023
The CME FedWatch Tool shows that market individuals count on a 25 bps hike with a 93% likelihood.
Also Read: Why Bitcoin Whale MicroStrategy (MSTR) Stock Price Is Soaring?
The introduced content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
