The US producers price index exceeds Wall Street estimates; Bitcoin exceeds 96 thousand dollars
Recently, the sentence has risen more than expected in January, with a lot of guarding and increasing concerns about the survival of inflation strong. Product Prices Index (PPI) jump 0.4 %, overcoming 0.3 % predictions, while years of years on year on an annual basis decreased by 3.5 %, higher than expected! This height raises fears that inflation pressure can abide for a longer period.
The dark data, after the unexpected height of the US consumer price index, added more pressure on encryption dealers. However, in a sudden turn, the Bitcoin price rose, as it briefly crossed the mark of 96 thousand dollars. While the latest PPI inflation data in the United States raised fears of the collapse of Bitcoin. However, investors seem to ignore these concerns, as shown in the recent Bitcoin increase.
Interestingly, this also indicates that Bitcoin has become a safe haven for investors, as it offers a shield against inflation and global concerns of macroeconomics.
Also, the upper numbers are expected to give the Federal Reserve more space to adhere to the average falcon plans.
Federal Reserve Chairman Jerome Powell said that the Federal Reserve will consider the economy before deciding on price discounts. However, this data makes it likely that the Federal Reserve will not reduce prices before mid -year. The Fedwatch CME indicates that the Federal Reserve will keep rates unchanged in March.
The broader digital asset market increased today with the maximum Crypto Global market by 2.1 % to $ 3.18 trillion. Follow the best altcoins like Ethereum, XRP and Cardano offers Bitcoin, and gained more than 2 % after US PPI data. Despite the rapid rise, market monitors monitor Bitcoin closely.
