The US PPI is positive, and the market value of stablecoins fluctuates in a triangle
At 8:30 last night Beijing time, the United States released the PPI data for March:
* The annual rate of the US PPI in March was 2.1%, the expected rate was 2.2%, and the previous value was 1.6%
* The monthly rate of the US PPI in March was 0.2%, the expected rate was 0.3%, and the previous value was 0.6%
PPI was lower than expected, which was good for the risk market. Both the US stock market and the crypto market rebounded last night. PPI is a leading indicator and has a forward-looking view on inflation and interest rate policies. The PPI producer price index will decline, and the CPI consumer price index will decline.
However, based on the PPI data for only one month, it is impossible to judge whether the CPI will decline in the future. The negative impact of the CPI in March has not been completely eliminated, and more economic data is needed.
The market value of the stablecoin USDT is in the form of a fluctuating triangle, with the bottom constantly rising and the high point constantly falling. The market capitalization share of stablecoins and the price of BTC show an inverse trend: if the market capitalization share of stablecoins decreases, it means that more people use USDT to buy cryptocurrencies, and the price of cryptocurrencies will rise; if the market capitalization share of stablecoins increases, it means that more people sell cryptocurrencies in exchange for USDT, or hold USDT and wait and see, and the price of cryptocurrencies will fall.
The current price of $BTC is also oscillating in the triangle at the daily level. There was an attempt to break upward in the past two days, but it failed to effectively break through the upper track of the convergent triangle. The current price of $BTC is still oscillating in the triangle. Pay close attention to the breakthrough of highs and lows.
