Bitcoin reaction to U.S. PPI data.
The PPI reading is one of the major economic data points used to measure the impact of inflation on the world’s largest capital market. Per the released data, the month-on-month reading for the PPI comes in at -0.2%, as against the previous reading of 0.5%.
This better-than-the-expected-0.1% value implies that Federal Reserve monetary policies, as concerns keeping inflation steady, have been working overall. The upside might be felt with a recovery in risk-on assets like Bitcoin.
At the time of writing, the digital currency has maintained its bearish drawdown, down by 3.76% in the past 24 hours to $67,351. This is a major derailment from the mildly bullish momentum from earlier in the week, when the coin made emphatic moves to surpass the $70,000 price level.