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After a rapid and strong recovery for the leading cryptocurrency Bitcoin (BTC) and altcoins, that recovery appears to have stalled.
Rising oil prices bring with them the risk of inflation, while expectations for Fed interest rate cuts are decreasing.
While markets still expect the Fed to cut interest rates twice this year, data on the US Producer Price Index (PPI), one of the indicators closely monitored by the Fed when making its decisions, has been released.
The data released is as follows:
Core Producer Price Index (Monthly): Announced 0.5% – Expectation 0.3% – Previous 0.8%
Core Producer Price Index (Annual): Announced 3.9% – Expected 3.7% – Previous 3.6%
Producer Price Index (Monthly): Announced 0.7% – Expected 0.3% – Previous 0.5%
Producer Price Index (Annual): Announced 3.4% – Expected 2.9% – Previous 2.9%
Bitcoin’s initial reaction after the release of the PPI data was as follows:
*This is not investment advice.