Bitcoin (BTC) retreated to the $116,000 level yesterday after its rapid rise, following inflation data that exceeded expectations. However, BTC has since partially recovered and returned to the $117,500 level.
While investors are wondering which direction Bitcoin and cryptocurrencies will go, data on the US Producer Price Index (PPI) was released today.
The data disclosed is as follows:
Core Producer Price Index (Monthly): Announced 0.0% – Expected 0.2% – Previous 0.1%
Core Producer Price Index (Annual): Announced 2.6% – Expected 2.7% – Previous 3.0%
Producer Price Index (Monthly): Announced 0.0% – Expected 0.2% – Previous 0.1%
Producer Price Index (Annual): Announced 2.3% – Expected 2.5% – Previous 2.6%
Bitcoin's first reaction after the incoming PPI data was as follows:
*This is not investment advice.