Crypto market awaits US CPI data to gauge inflationary pressure and the Fed’s next move.
US CPI is expected to come in at 2.3%, down from 2.4% in March.
Bitcoin price has touched $105,700, but investors appear to be taking a pause ahead of big events this week.
The crypto market investors await crucial events this week as bulls take rein amid easing macroeconomic tensions. A flurry of key events, including the US Consumer Price Index (CPI) and Producer Price Index (PPI), are scheduled this week, which would shed light on the current inflationary pressure on the economy.
Besides, the Fed officials are expected to provide updates on the economic condition, which could offer clues about potential future actions, specifically regarding their rate cut plans. The market watchers will keep close track of these indicators, as they might shape the future movements of the broader financial sector, let alone the crypto market.
US CPI: How Can It Impact The Crypto Market?
Bitcoin has been one of the favorite bets in recent days, as more traders have started to embrace the digital assets space. In fact, it appears that the crypto market moves in tandem with the traditional stock market, sometimes even outpacing the Nasdaq or S&P 500.
Having said that, the major economic events tend to impact the investors’ sentiment, which in turn also influences the broader crypto market performance. Having said that, the digital asset space eagerly awaits the upcoming US CPI data, followed by the PPI figures.
Notably, the US Federal Reserve also closely tracks these metrics to gauge the inflationary pressure in the economy. So, here we explore what to expect from the upcoming US CPI & PPI figures.
