Today, there will be a development that can affect the crypto money market including gold and Bitcoin (BTC), altcoins. At 3:30 p.m., US inflation data will be released. So, what are the expectations? How might Bitcoin and gold be affected? Details are in our article…
US inflation data will be announced: What will happen?
US inflation data is widely followed by investors because inflation data can affect almost any market. As we have reported as Kriptokoin.com, the last statement was made in May. With the release of inflation data in April, cryptocurrencies experienced short-term changes. Therefore, investors are wondering when the data will be announced and are expected to take positions accordingly.
US inflation data was last announced on May 11. It was determined that the inflation in April was above the expectations. Time will determine how the data, which will be announced today at 15.30, will come and how the markets will be affected.
Are people turning to gold investment?
While investors are preoccupied with how the US inflation data will affect the markets, Hatice Kolçak, an economist, made assessments on the subject. As it is known, gold and dollar have increased over the past day. The dollar exceeded 17 liras and the gram gold exceeded 1,000 liras. Hatice Kolçak, expressing that the level of 17 in the dollar is not a surprise, thinks that how long it will last is a more important question. Hatice Kolçak uses the following expressions in her estimations:
The whole world is on edge and waiting for the US inflation. Because a high inflation will fuel the dollar index and raise the possibility of a tighter interest rate policy by the Fed. There will be up and down movements in the markets.
Apart from this, the expert states that there will be confusion in foreign exchange and commodities, and that it is not a suitable time to trade until next Monday. He thinks investors should be in standby mode and protect their holdings.
How are cryptocurrencies like Bitcoin and SHIB affected?
CPI data, one of the benchmarks for measuring how inflation progresses, has traditionally caused market volatility both within crypto and beyond. For many, the question remains how much higher inflation can go as geopolitical tensions and the danger of the epidemic persist. In the United States, the Fed’s rate hikes are also under scrutiny due to rising prices.
Looking at the data published this year, it can be said that the April consumer index announced in May had a negative impact on cryptocurrencies such as BTC and SHIB, especially since it was higher than expected. But of course, time will tell price movements.
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