The Fed meeting on October 10 is eagerly awaited for clues about future monetary policy decisions.
Bitcoin has climbed by 2.5%, trading around $63,387, with an intraday high of $63,957.
The cryptocurrency market is displaying a positive shift this week, with Bitcoin climbing 2.5% and trading at $63,387, reaching an intraday high of $63,957. This upward movement comes as investors eagerly await Federal Reserve minutes of its monetary policy meeting, including the Consumer Price Index (CPI) for September, as well as the Producer Price Index (PPI), and the number of initial jobless claims for the week ending October 5.
The crypto market sentiment appears optimistic. Many investors speculate that lower-than-expected inflation figures could drive further interest in digital assets. In the last 24 hours, the global cryptocurrency market cap has increased by 2.73%. Altcoins, including Ethereum (ETH), are also showing signs of recovery. Many cryptocurrencies are posting modest gains in anticipation of favorable economic news.
US CPI September Expectations
As the third quarter ends, signs indicate that inflation may have eased. This development could help the Federal Reserve in maintaining a healthy labor market. The CPI report, set to be released on October 10, is expected to show a modest rise of 0.1% in September. This would mark the smallest increase in three months. Year-on-year, the CPI is anticipated to rise by 2.3%, continuing a trend of slowing inflation that hasn’t been seen since early 2021.
Additionally, analysts forecast the core CPI, which excludes volatile food and energy prices, to remain steady at 3.2%. This reflects ongoing pressures in essential sectors. They expect the measure to show a 0.2% increase compared to the previous month. This data will help provide a clearer picture of underlying inflation trends.
Fed Chair Jerome Powell has indicated that recent projections suggest potential quarter-point rate cuts in the last two meetings of the year. This signals a more accommodating approach from the central bank. If the upcoming inflation figures align with expectations, they could further boost the cryptocurrency market. Investors may seek new opportunities in digital assets as a result.
Highlighted Crypto News Today
Cardano Founder Charles Hoskinson Lauds Sui Network Over Solana
