Although the leading cryptocurrency Bitcoin briefly fell to $55,000 yesterday following the CPI data from the US, it later recovered and rose above $58,000.
While BTC has been exhibiting quite volatile movements in recent days, data on the US Producer Price Index (PPI) was also announced today.
The data disclosed is as follows:
Core Producer Price Index (Monthly): Announced 0.3% – Expected 0.2% – Previous 0.0%
Core Producer Price Index (YoY): Announced 2.4%– Expected 2.5% – Previous 2.4%
Producer Price Index (Monthly): Announced 0.2%– Expected 0.1% – Previous 0.1%
Producer Price Index (Annual): Announced 1.7%– Expected 1.8%– Previous 2.2%
In addition to the PPI data, US Unemployment Claims were also announced.
US Jobless Claims: Announced –230k Expected 227k – Previous 227k
Following the incoming PPI data, the first reaction of Bitcoin and Dollar (DXY) was as follows:
*This is not investment advice.