Inflation data released in the USA led to a rapid decline in the value of Bitcoin, but then there was a recovery. Producer inflation data, which comes after consumer inflation, increases the clarity of the Federal Reserve's anti-inflation strategy. After the rapid decline in August, Bitcoin started to fluctuate again with the influence of data.
Inflation and Fed's Interest Policy
The latest Producer Price Index (PPI) data announced in the USA reflects the potential impact of the Fed's interest rate hike signals on cryptocurrency markets. Following the high Consumer Price Index (CPI) data, it seems that the Fed postponed its interest rate cut decisions at its September meeting. The fact that Fed Chairman Powell has not yet made an evaluation regarding these data causes uncertainty in the markets.
While it was previously expected that the Fed would reach its 2% inflation target by 2025 and make its first interest rate cut by the end of 2023, the bad data in the first quarter turned these expectations upside down. Pessimistic expectations create concern in cryptocurrency markets.
Effect of Inflation Report on Cryptocurrencies
US Producer Price Index data was announced as 2.1%, below the expectation of 2.2%. However, while the core PPI rate was 2.4%, above expectations, these rates were 1.6% and 2% in the previous months. These data attracted the attention of investors by increasing volatility in cryptocurrency markets.
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