#Jelajahcoin - #Bitcoin Wait and See ahead of the release of inflation data – Entering the second week of October, the crypto asset market is perched in the red zone with Bitcoin (#BTC ) falling again below the USD price 28,000.
Tuesday (10/10) at 09.00 WIB, Bitcoin fell 1.37% to USD 27,552. Ethereum fell 3.29% to settle at USD 1,577.
Apart from that, the total market capitalization of crypto assets also fell 1.65% to USD 1.049 trillion.
This week market players tend to wait and see because they are waiting for a series of important macroeconomic data to be announced.
Starting with the release of September CPI (Consumer Price Index) data which is scheduled to be released on Thursday (12/10) and the day after on Friday (13/10) the PPI (producer price index) data will be released.
Meanwhile, the Federal Reserve will also release the minutes of the September Federal Reserve (FOMC) meeting on Wednesday (11/10).
Additionally, many Federal Reserve officials are scheduled to deliver speeches.
The United States (US) recorded inflation of 3.7% on an annual basis (year-on-year/YoY) in August 2023, up from inflation in the previous month of 3.2% YoY.
Meanwhile, this week, US annual inflation is estimated to be 3.6% YoY in September.
Where, if according to market expectations, it will mark a small decline in the previous period in August of 3.7% YoY.
According to Financial Expert Ajaib Crypto Panji Yudha, "This week's inflation data will provide clues to the Fed's interest rate decision in November."
"Apart from that, every statement from the Fed's top officials, whether hawkish or dovish, can be a clue for the market to assess the monetary policy that will be taken," he continued.
The CME Group's FedWatch indicator projects an 11.5% chance the Fed will raise interest rates again in November 2023.
However, the opportunity to maintain interest rates is still dominant, namely 88.50%.
Apart from that, "Because of the increasing geopolitical tensions caused by the conflict in the Middle East which has caused a spike in oil prices," said Panji.
"So it can trigger further volatility in the market which makes market players worried about continued inflation," he continued.
"And higher interest rates cause investors to risk off temporarily, so bitcoin and altcoins are currently experiencing short-term pressure," said Panji.
Meanwhile, from the industry side, this week the crypto community and investors are paying close attention to any news regarding Bitcoin spot ETFs.
Because next week is the "second deadline" for decisions on a series of spot Bitcoin ETFs that have been proposed by a number of investment managers.
"The approval of this spot Bitcoin ETF has the potential to open the door for institutional money to enter the crypto space, so that if it is later approved by the SEC it will have the potential to have a positive impact on the crypto market," continued Panji.
