As the cryptocurrency market prepares for a big week, all eyes are on the upcoming release of key economic indicators. Investors are eagerly awaiting the US Consumer Price Index (CPI) and Producer Price Index (PPI) data, which will shed light on inflation trends. Meanwhile, as concerns about possible interest rate cuts by the Fed grow, these indicators are having a significant impact on market sentiment and cryptocurrency valuations.
Cryptocurrency market awaits CPI and PPI data
This week, the crypto market is poised to make an impact as key economic data emerges. The US Consumer Price Index (CPI) and Producer Price Index (PPI), which are important criteria in determining inflation trends, are planned to be announced. These figures, along with the minutes of the March Federal Open Market Committee (FOMC) meeting and the monthly US Federal Budget release, will provide vital information that will be closely watched by crypto market participants.
Meanwhile, CPI, FED’s March FOMC meeting minutes and monthly US Federal Budget are planned to be announced on Wednesday, April 10. In particular, these measurements serve as vital barometers for assessing current inflation levels and overall economic health.
There are also data that will affect the FED’s interest rate decision
Simultaneously, the release of the US Producer Price Index (PPI) on Thursday, April 11 will increase market scrutiny. This data will be watched closely by regulators as well as investors for potential clues about the Fed’s future stance on interest rate hike plans.
Meanwhile, the latest increase in nonfarm employment figures in March exceeded expectations to 303,000 compared to 275,000 in the previous month and reflects the existence of a vibrant job market. Despite the unemployment rate falling to 3.8% and a 0.3% increase in hourly wages, concerns about the Fed’s hawkish stance remain in the crypto market. Strong jobs data could further impact market sentiment and cryptocurrency valuations by delaying expected interest rate cuts.
Concerns emerge amid Bitcoin halving expectation
In addition to the major announcements, speeches from various Fed officials, including Atlanta Fed President Raphael Bostic and San Francisco Fed President Mary Daly, will add further depth to the economic discourse. According to the CME FedWatch Tool, there is a 95.2% chance that the Fed will leave interest rates unchanged as crypto market investors prepare for potential market shifts in response to incoming data.
Meanwhile, as investors wait for economic indicators that may affect Fed policy, expectations for the upcoming Bitcoin Halving event are also increasing. While optimism about a potential rally in Bitcoin and the broader crypto markets prevails, concerns about short-term volatility post-halving remain. While experts weigh in on the potential ramifications, the crypto community remains on high alert and closely monitors developments that could shape the future course of crypto assets.
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