The crypto community awaits the release of US CPI data…Details here
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Answer The crypto community awaits the release of US CPI data…Details here
Today is the highly anticipated day many crypto market followers and traders have been waiting for, as the US CPI data for June will be released.
The entire financial industry will finally find out how financial regulators will act at the next key interest rate meeting.
If inflation data brings an unexpected surprise, digital assets and stock markets will take another hit.
The latest CPI data has largely exceeded market expectations and has become the catalyst for the recent selloff in the cryptocurrency market that has pushed the price of Bitcoin below $20,000, making the foreseeable future of the digital asset market questionable.
With the additional strengthening of monetary policy, riskier assets such as cryptocurrencies or technology stocks take a huge hit as traders and investors shift their money to more stable options such as commodities or bonds.
In July, the expected annual inflation remained at 8.8%.
In June, analysts had expected an acceleration of 8.3% but came to 8.6% instead, causing turmoil in financial markets and a rally in the US dollar.
Earlier, White House Press Secretary Karen Jean-Pierre stated that inflation figures are expected to be very high, causing moderate controversy among investors after the uncertainty and concerns over the cryptocurrency market.
Ahead of the data release, cryptocurrency markets remain weak as the main market narrative remains bearish while most digital assets are being sold extremely excessively, making short selling and betting on further downside also risky.
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There are only a few hours left before the release of the data which we will follow and post about here at Bitcoin Arabs.
Currently, Bitcoin, Ethereum and other cryptocurrencies are showing positive performance in the market, resulting in 2-5% growth in the last 24 hours.
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