Bitcoin Reacts to Higher-Than-Expected US PPI Data: What’s Next?

Bitcoin and other cryptocurrencies faced a significant dip following the release of the latest CPI figures, which came in higher than anticipated.

However, the market bounced back relatively quickly, but today brought another round of important economic data with the US Producer Price Index (PPI) report.

The PPI figures were as follows:

Core Producer Price Index (Monthly): 0.3%, meeting expectations but up from 0.0% last month.
Core Producer Price Index (Yearly): 3.6%, surpassing the anticipated 3.3% and slightly higher than the previous 3.5%.
Producer Price Index (Monthly): 0.4%, ahead of the expected 0.3% and up from last month’s 0.2%.
Producer Price Index (Yearly): 3.5%, exceeding the forecasted 3.2% and showing an increase from 3.3% in the previous month.
Unemployment Claims: 216,000, slightly better than the expected 217,000 and down from the prior 219,000.

This new data continues to influence market sentiment as traders react to the latest inflationary trends.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.