The cryptocurrency market is awaiting the release of the US Consumer Price Index (CPI) data this week, which will provide insights into inflationary pressure in the economy. The US Federal Reserve may not lower interest rates by 50 basis points (bps) as expected due to stronger-than-expected nonfarm payroll statistics. Traders are eagerly anticipating the publication of the US CPI statistics on October 10, which the central bank uses to gauge inflation. Market forecasts suggest a decrease in the consumer price index and year-over-year inflation rate. If inflation data is higher than expected, selling pressure in the market may increase. The price of Bitcoin has seen a brief recovery, trading at $62,660 at the time of writing.
- Content Editor ( thenewscrypto.com )
- 2024-10-06
Investors Brace for US CPI Data Amid Inflation and Job Report Concerns