US Inflation Data and Its Impact on the Bitcoin Market

On March 14, 2024, the US Producer Price Index (PPI) and Core Retail Sales data were released. These highly anticipated data, which were released at 15:30 Turkish time, provide clues about the interest rate policies of the US Federal Reserve (FED). While the future steps of the FED are a matter of curiosity, the results of the released data are shaping economic expectations. The PPI exceeded expectations and was recorded at 1.6%, compared to an expected 1.1% and a previous value of 1%. On the other hand, Core Retail Sales fell below expectations and were announced at 0.6%, with an expectation of 0.8% and a previous value of -1.1%. Bitcoin prices fluctuated with the release of this data. With the vertical surge in March, Bitcoin surpassed the $73,000 levels to see a new all-time high (ATH). However, immediately after the release of the data, the Bitcoin price experienced a slight […]

US Inflation Data and Its Impact on the Bitcoin Market

On March 14, 2024, the US Producer Price Index (PPI) and Core Retail Sales data were released. These highly anticipated data, which were released at 15:30 Turkish time, provide clues about the interest rate policies of the US Federal Reserve (FED). While the future steps of the FED are a matter of curiosity, the results of the released data are shaping economic expectations.

The PPI exceeded expectations and was recorded at 1.6%, compared to an expected 1.1% and a previous value of 1%. On the other hand, Core Retail Sales fell below expectations and were announced at 0.6%, with an expectation of 0.8% and a previous value of -1.1%.

Bitcoin prices fluctuated with the release of this data. With the vertical surge in March, Bitcoin surpassed the $73,000 levels to see a new all-time high (ATH). However, immediately after the release of the data, the Bitcoin price experienced a slight drop to $72,700.

Bitcoin had previously visited the $73,500 ATH. A debate is ongoing about whether this temporary or permanent decline in Bitcoin will continue shortly before the markets open in the US and has become a curiosity in economic circles.

As a result, the PPI and Core Retail Sales data from the US continue to create waves in the markets, especially in the cryptocurrency market. Investors and analysts are closely following the future steps of the FED and the price movement of Bitcoin.

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