Bitcoin just hit a new record high above $93,400 after the US CPI report was released! 🚀 US inflation rose 0.2% year-on-year in October to 2.6%, in line with expectations. 📈
The global crypto market also briefly approached $3.2 trillion before falling back to $3.11 trillion. 📉 However, total trading volume fell 5%, now sitting around $400 billion.
There are two important macro reports to watch this week:
First, the Producer Price Index (PPI) report is scheduled to be released today. 📊 The PPI is expected to rise from 1.8% in September to 2.3% in October. This is important because the PPI shows the change in output prices of domestic producers. If production costs rise, consumers also have to pay more for the products they buy. 💰
Second, US retail sales data will be released on Friday, November 15. 📅 There is a slight decline expected from 0.4% to 0.3% in the last two months. If retail sales fall, it could be a sign that consumers are increasingly worried about a recession, which could negatively impact financial markets, including crypto. 😟
So, stay alert! 🧐