The cryptocurrency market is waiting for producer inflation data from the USA on November 15. Ahead of the Core Producer Price Index (PPI), Bitcoin, DOGE, SHIB and ETH are busy maintaining their critical support.
Bitcoin (BTC) rebounds ahead of US PPI data
The cryptocurrency market was devastated by the bankruptcy of one of the largest exchanges in November. After a very productive October, things turn upside down at the new moon. Investors will now watch for the effects of producer inflation data from the US. According to experts, if the CPI data of the week is supported by the PPI data of November 15, the markets may see short-term jumps. Large-volume cryptocurrencies such as Bitcoin, DOGE, SHIB and ETH are moving sideways before the announcements.
The US Core Producer Price Index (PPI) will be released on November 15 at 16:30.
A below-expected PPI is expected to cause selling pressure. In a neutral situation, we can see more horizontal price movements. Markets moved upwards as last week’s consumer inflation data came in below expectations. Some analysts expect the PPI to increase by 7.2% month-on-month on an annual basis. On the other hand, they expect core PPI to increase by 0.3% compared to September. On an annual basis, PPI may increase by 8.3%, at a slower pace compared to September, and increase by 0.4% on a monthly basis.
Cryptocurrency market moves sideways ahead of PPI data
Currently, the entire cryptocurrency market, including Bitcoin and Ethereum, is fluctuating below 1%. Only Ripple (XRP) is performing differently, up 7% from the last 24 hours. Meanwhile, the market’s total value was around $803 billion.
As you follow on Kriptokoin.com, the events between Binance and FTX since November 2 have negatively affected the entire market. BTC price hit $15,682.69, the lowest level in the last 6 months, after the FTX crisis. It is currently trading around $16,800. His moves from the $17,000 region after the US PPIs will be critical.
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